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Wednesday, 23 February 2011

Capital Shopping Centres will not support JJB's CVA

Capital Shopping Centres has said that it will not support JJB sport's proposed second CVA.  How they will eventually vote will be decided at the creditors meeting.  The CVA will need 75% by value of the creditors for it to be approved.  In general landlord do not like CVA's as it can terminate lease agreements but if it is well put together and seen as fair then there should be less problems.  However, as this is the second time in two years they are going into a CVA the landlords are not sympathetic.

Capital Shopping Centres has only 4 units occupied by JJB Sports, so it may not be a deal breaker. 

However, according to reports, JJB has to present its business plan to its banks to secure its future tomorrow. It may be that the banks have the final say on the matter. As a secured creditor they have the power to appoint their own administrator if they want.

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