Zolfo Cooper, the leading independent provider of advisory and restructuring services, has announced that Peter Saville, Nick Cropper and Catherine Williamson of Zolfo Cooper’s Restructuring Services team have been appointed as Joint Supervisors of the Company Voluntary Arrangement (CVA) of iNTERTAIN.
The appointment follows approval of the proposal by the required majority at the creditors’ meeting held on 6 February. The company owns and operates 32 bars trading principally under the Walkabout brand.
Restructuring for a sustainable future
“The CVA was carefully designed to provide the best outcome for all stakeholders and we are delighted that the proposal has been approved,” said Peter Saville. “This enables iNTERTAIN to revise certain lease terms and to restructure its business for a sustainable future by focusing on a more profitable core estate.”
Approval of the CVA will strengthen the balance sheet by reducing the debt burden from £30 million to £14 million. iNTERTAIN’s secured lender will commit £6 million of new funding to assist with implementation of a capital investment programme, now that the CVA has been approved.
iNTERTAIN’s CEO, John Leslie, commented: “We are very pleased that our creditors have approved the CVA. It allows us to reduce our level of debt and provides the right operational structure to secure a strong and sustainable future for iNTERTAIN.”