House of Fraser’s creditors are reportedly set to assess and finalise a decision on rescue bids from turnaround firm Alteri Investors and retail tycoons Philip Day and Mike Ashley today. According to Sky News , PwC spent yesterday negotiating on behalf of the department store’s lenders and bondholders on at least three potential bids that could determine the heritage retailer’s fate. Sources told Sky News that Day’s bid would allow House of Fraser to avoid administration and expand the restructuring plan as part of its CVA – which was already approved by creditors – while honouring existing pension obligations.
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Creditors could determine House of Fraser’s fate today