Creditors approve Carluccio’s CVA proposal | KPMG | UK

Creditors approve Carluccio’s CVA proposal

Creditors approve Carluccio’s CVA proposal

The creditors of Carluccio’s, the Italian restaurant and deli chain, have today approved its proposed company voluntary arrangement (CVA).

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The creditors of Carluccio’s, the Italian restaurant and deli chain, have today approved its proposed company voluntary arrangement (CVA).

 

Will Wright, restructuring partner at KPMG and joint supervisor of the CVA, said: “This is an important step forward for the business, allowing Carluccio’s to complete its financial restructuring plan and embark on a comprehensive operational transformation programme.

 

“Today’s vote saw 91% of all voting creditors choosing to approve the CVA, surpassing the 75% total required in order to pass the resolution.”

 

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Notes to editors:

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Katy Broomhead, Senior PR Manager

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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 staying within the existing management.

 

About KPMG in the UK

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