Key Sentence:
- The long and dreary bankruptcy process of Sir Philip Green’s once mighty Arcadia Empire is coming to an end.
With Philip Green’s Insolvent Arcadian a November deadline and calls for tenders for its former flagship store – the group’s only significant unsold asset – moving into the final stages. It is clear what Arcadia’s pension deficit is and how likely it is to become one of Arcadia’s creditors, whose claim is Rp. billion.
One of the essential open-ended questions in this process concerns the leading Topshop store on Oxford Street in London. At a reported price of around $579 million (£420 million), asset sales to those at risk of bankruptcy would increase significantly. Except for the business mortgage, which is held by the internationally indebted US private equity firm Apollo Management. It is secured and therefore must be repaid before any other funds are disbursed.
However, the clarity Philip Green’s Insolvent Arcadian came only after weeks. Apollo Financial Commercial Real Estate Finance President and CEO Stuart Rothstein said in a call to investors in July. That “many credible offers” were on the table for more than $425 million.
The sale of the legendary Topshop marks the beginning of the end of a bankruptcy process. That began ten months ago for a company that built the wealth also reputation of Sir Philip Green, one from the most controversial billionaires in the British economy today.
In November 2020, it was announced that Philip Green’s “zombie” empire with 400 stores and 13,000 employees. As trade advisers described before it collapsed, had finally paid off the debt of more than 1 billion global pandemics in the middle of the year.
billionaire Philip Green’s Insolvent Arcadia administrators have sold more than $820 million in assets to cover the debt.
Including the sale of top brands. Such as Topshop, Top Man, Miss Selfridge, and HIIT to rival retailer ASOS in February; sales of the Dorothy Perkins, Burton and Wallis brands to rival retailer Boohoo, also in February; and the sale of Evans to City Chic in December 2020. In April, the Green team provided $1.7 million (£1.28 million) in the sale of office furniture and IT fires. Equipment.
The latest progress report, published by bankruptcy trustee Teneo. Still reads a grim reading from many who owe millions to Philip Green’s failed empire. In the clearest sign that Green may still be involved in other public (and political) retirement debates – as was the case after the BHS department store collapsed in 2016 – Arcadia administrators admit that “[t]it is an item that is not guaranteed to remain.” The pension trust debt will not be repaid in full, dividends will be the same as those paid to other unsecured creditors. “