Bloomberg News

Goldman Sachs in Talks to Take Control of Peacocks, Times Says

November 27, 2011

Nov. 27 (Bloomberg) -- Goldman Sachs Group Inc. is expected to become the majority shareholder of Peacocks Stores Ltd. as part of talks to reduce the U.K. discount clothing retailer’s 240 million-pound ($370 million) debt, the Sunday Times reported, without specifying where it obtained the information.

Goldman Sachs, which is one of Peacocks’ biggest junior lenders, may consider writing off some of the debt in exchange for a bigger stake in the company, the newspaper reported today. The investment bank may ask Peacocks’ senior lenders to roll over the company’s debt, while offering U.S. hedge fund backers Och-Ziff Capital Management Group LLC and Perry Capital a small part of equity in the restructured company, according to the Sunday Times.

--Editors: Sharon Lindores, Edward Evans

To contact the reporter on this story: Sabine Pirone in London at spirone@bloomberg.net

To contact the editor responsible for this story: Dick Schumacher at dschumacher@bloomberg.net


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