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Under fire Woolworths renegotiates debt, says report

Published: 10 December 2007
Struggling high street chain, Woolworths is understood to be under pressure to renegotiate its debt.
Under fire Woolworths renegotiates debt, says report
A report in The Sunday Telegraph claims that the retailer's banks are concerned it does not have enough security to cover the reported £225m debt they have lent the company.

Woolworths is reported to have hired KMPG to organise a new package that will give the banks security over their loans as well as look for other sources of funding.

The Sunday Telegraph quoted a source close to the refinancing package as saying that a deal is close, with many existing banks expected to sign up for a new agreement while new ones are believed to have been found to replace those exiting the agreement.

Under-pressure Woolworths was rocked last week by a report from investment bank, Citigroup, which slammed its stores as 'worthless".

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