Superdry PLC (LSE:SDRY) is poised to launch an emergency sale process if creditors block founder Julian Dunkerton's plans to fork out up to £10 million of his own money into the embattled clothing chain.
Last month, after reporting lower sales and higher losses, the Cheltenham-based company announced a restructuring plan that will see it delist from the London Stock Exchange.
Sky News is reporting today that the accelerated sale process would be launched if a restructuring plan is not approved by creditors in the coming weeks.
Dunkerton is prepared to stump up either £8 million in an open offer, which will also be made available to other shareholders, or £10 million in a one-man subscription. Both still involve Superdry delisting.
According to a document circulated to creditors in recent days and seen by Sky News, rejection of the restructuring plan would be followed by a four-week sale process for Superdry, with the likely outcome a pre-pack administration deal