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 23/03/2016Drapers, Tara Hounslea - BHS thrown a lifeline as creditors approve CVA  

Majority of creditors approve CVA proposals at BHS

 Drapers reports that more than 95% of creditors to BHS Limited approved its company voluntary arrangement (CVA) proposals at a meeting earlier today.
BHS Limited is one of two companies under the BHS group and represents 125 stores. There will be a separate meeting and vote for the CVA for BHS Properties, which represents 23 stores.
The proposals, submitted to the High Court on March 3, ask landlords of 40 loss-making stores to cut rents by 75%. It is seeking a 20% or 50% reduction on a further 47 units. BHS has 164 stores in total. The terms of the CVA drawn up by BHS’s adviser, KPMG, require the approval of 75% of BHS creditors.
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