Tag: creditors

Pizza Hut creditors to vote on restaurant closure plan

The UK arm of the pizza chain will be the latest restaurant franchise to attempt to push through restaurant closures. Photo: Karol Serewis/SOPA Images/LightRocket via Getty
The UK arm of the pizza chain will be the latest restaurant franchise to attempt to push through restaurant closures. Photo: Karol Serewis/SOPA Images/LightRocket via Getty

Creditors and landlords at Pizza Hut, are due to close the vote on the chain’s company voluntary arrangement (CVA) restructuring plan on Monday.

The UK arm of the pizza chain will be the latest franchise to attempt to push through restaurant closures, with the deal also securing the company major rent cuts on its remaining sites.

If passed, the deal will result in the permanent closure of 29 of Pizza Hut UK’s 244 restaurants, putting around 450 jobs at risk, adding the chain to a long list of UK restaurant casualties.

Earlier this month, the Pizza Huts Restaurant Group, which runs the dine-in Pizza Hut franchise in the UK said COVID-19 had caused “significant disruption.”

Sales are not expected to “fully bounce back” until

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Comair closer to take-off as creditors adopt business rescue plan

By Sizwe Dlamini Time of article published1h ago

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JOHANNESBURG – Comair on Friday passed another significant waypoint en route to returning to the skies when the vast majority of creditors and shareholders voted to adopt the business rescue plan.

The company said on Friday that in terms of the business rescue plan the preferred investment consortium, comprising a number of former Comair board members and executives, would invest fresh equity of R500 million in return for a 99 percent shareholding once the suspensive conditions set out the business rescue plan had been met.

It said Up to 15 percent of this would be allocated to a suitable broad-based black economic empowerment (BBBEE) partner within 12 months.

“During the next two months R100 million of this will be paid in two equal tranches as secured post-commencement finance. Additional funding from lenders of R1.4 billion

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