Creditors approve Byron CVA proposal | KPMG | UK
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Creditors approve Byron CVA proposal

Creditors approve Byron CVA proposal

The creditors of Byron Hamburgers have today approved its proposed company voluntary arrangement (CVA).

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Will Wright, restructuring partner at KPMG and joint supervisor of the CVA, said: “Today’s creditor vote in favour of the CVA proposal will allow Byron to conclude its previously negotiated financial restructuring and is a key step in the directors’ turnaround plan.

“As with all CVAs, more than 75% of creditors had to vote in favour in order to pass the resolution. Today’s vote saw us secure significantly more than this majority with 99% of all voting creditors choosing to approve the CVA.”

The CVA will become effective following a shareholder meeting to be held tomorrow, Thursday 1st February 2018.

 

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About company voluntary arrangements (CVAs)

Where a company is experiencing difficulties in paying its debts, the directors can propose a company voluntary arrangement (CVA) whereby the company enters into a legally binding agreement with its creditors, such as their suppliers or landlords. In a similar vein to an individual voluntary arrangement (IVA), which gives an individual an alternative to bankruptcy, a CVA enables a company and its creditors to come to a compromise agreement and avoid an administration or liquidation. A CVA can provide a company with some breathing space to allow it to reorganise or restructure its funding and/or its operations with as little disruption to the day to day trading as possible, with the control of the company usually staying within the existing management.

 

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