Bloomberg News

RBS Says Still in Talks With Peacocks Over Debt Restructuring

January 16, 2012

Jan. 16 (Bloomberg) -- Royal Bank of Scotland Group Plc, Britain’s biggest government-owned bank, said it is still in debt talks with U.K. clothing retailer Peacocks Stores Ltd.

“We have been and continue to be supportive of the company. New investors willing to inject sufficient capital could not be found,” RBS spokesman Erfan Hussain wrote in an emailed statement today. “Each company restructure is judged on its own merits, but clearly the difficult conditions retailers face is an important factor.”

Cardiff, Wales-based Peacocks, which has 240 million pounds ($368 million) of debt, may go into administration “within days,” Reuters reported today, saying RBS had withdrawn from the talks. The company has 611 Peacocks outlets and 394 Bonmarche stores in the U.K. and employs about 10,000 people, Reuters reported.

“We continue to progress our restructuring discussions and plans, with no decisions taken at this point,” Alex Brennan, a spokesman for Peacocks based at Hudson Sandler Ltd., said in an emailed statement.

--Editors: Tim Farrand, Peter Woodifield

To contact the reporter on this story: Katie Linsell in London at klinsell@bloomberg.net

To contact the editor responsible for this story: Colin Keatinge at ckeatinge@bloomberg.net -0- Jan/16/2012 15:29 GMT


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