See report in The Drinks Business:
Oddbins creditors face receiving just 7.5 pence in the pound should the Company Voluntary Arrangement not be accepted at tomorrow’s creditors meeting in London, after forecasts for payouts should the retailer enter administration were downgraded.'
Does this mean that Oddbins is in an even worst state than was initially thought? Furthermore if this is the case shouldn't the estimated pay out through the CVA also be cut by a similar amount?
Comment from a spokesperson:
'The amount payable under Administration is only ever a forecast. Threshers payout is now down to 2 pence but the creditors haven't actually received anything yet.
Does this mean that Oddbins is in an even worst state than was initially thought? Furthermore if this is the case shouldn't the estimated pay out through the CVA also be cut by a similar amount?
Comment from a spokesperson:
'The amount payable under Administration is only ever a forecast. Threshers payout is now down to 2 pence but the creditors haven't actually received anything yet.
The amount payable under the CVA remains at 21 pence, plus 50% of any outcome from the court case. A payment schedule appears within the CVA documentation (www.deloitte.com/oddbins).
Although Simon Baile continues to have discussions with investors it is still too early for anything to be announced. The reduction is a reflection of the fact that no purchasers have come forward.'
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