Baugur (Hamleys, Iceland, House of Fraser) seeks creditor protection

fc123

It's headlined with Peacocks (which I didn't know about) but mentioned at the bottom......it's some, not all.

Peacocks hit by credit insurer

• Published: 09 December 2008 10:05
• Author: [EMAIL="JenniferCreevy@emap.com"]Jennifer Creevy[/EMAIL]
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• Last Updated: 09 December 2008 10:14
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Credit insurer Euler Hermes has written to Peacocks

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Fashion retailer Peacocks is understood to have become the latest retailer to have some of its credit insurance cut.

Credit insurer Euler Hermes has written to Peacocks to say it was cutting the amount of insurance cover given to some suppliers that provide clothing to Peacocks by up to 90 per cent.
Peacocks Group chief executive Richard Kirk confirmed the receipt of the letter to The Independent but added: "It is the wider clothing sector they [credit insurers] are withdrawing cover on."
Kirk said suppliers insured by trade credit insurers only accounted for a small amount of clothing sold by Peacocks. "A huge chunk of our business is done directly with suppliers," he said.
Other retailers to have had some credit insurance cut in the toughening economic climate include Currys and some of Icelandic investor Baugur's fashion brands.

fc123

Just updated with this. I don't really understand what it means.

If anyone has time, how does this affect Mosaic? Can't they just gift the 49% to them.
And the big question...will Mosaic go into administration to re jiggle all the brands? I am not really understanding the shares part.
Only ask as it could affect what we do over the next 7 weeks.

Baugur stakes in retailers seized

• Published: 05 February 2009 17:34
• Author: [EMAIL="george.macdonald&#64;emap.com"]George MacDonald[/EMAIL]
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• Last Updated: 05 February 2009 17:48
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Baugur's stakes in several UK retailers have been placed under the contol of nominated receivers

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Baugur stakes in retailers including House of Fraser, Hamleys, and Iceland have been placed under the control of nominated receivers to prevent any asset sale.

Landsbanki, the Icelandic bank which precipitated Baugur's collapse into Iceland's equivalent of Chapter 11 yesterday, exercised its rights over the affected securities while reiterating its support for the retailers' existing management teams.

A fixed charge to prevent Baugur subsidiary BG Holding selling assets without the consent of secured creditor Landsbanki has been applied to BG Holding's 14 per cent stake in Iceland, 35 per cent holding in House of Fraser 64 per cent share of Hamleys and 38 per cent of jewellery group Aurum. Nominated receivers from PwC will hold the shares.
Landsbanki said: "Not a single UK company has been put into administration as a result of this action. The petition does not affect the status or performance of the operating companies."

The bank maintained: "Landsbanki emphasises that this approach is believed to cause the least disruption to the management teams of the operating companies in which BG Holding has invested and to create stability so the management teams can focus entirely on continuing to operate successfully."