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At a meeting held earlier today creditors of Blacks Leisure and its wholly owned subsidiary The Outdoor Group Ltd have approved the Company Voluntary Arrangements that form part of the Company's restructuring plan.
The CVA required more than 50% in value of creditors to approve and in excess of three quarters actually did so.
Throughout the CVA process, the Company continues to trade under the control of their directors, operating as a going concern and are not in administration.
Neil Gillis, chief executive, commented: 'With this support secured, we can now focus in realising the potential of the Group's market leadership position in outdoor retail once again.'
Story provided by Business Financial Newswire
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