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Mothercare creditors approve voluntary arrangement proposals

Mothercare PLC said June 1 that creditors approved U.K. store portfolio restructuring through company voluntary arrangement proposals.

Company voluntary arrangement, or CVA, proposals were approved by requisite majorities of more than 75% in value of the unsecured creditors.

Mothercare said it will not be in administration as a result of the approval of CVA proposals.

In May, the childcare products company proposed to close 50 of its stores and to seek better lease terms for 21 other stores as part of its restructuring. It also announced refinancing to provide up to £113.5 million, which includes raising about £28 million by issuing new shares at 19 pence per share by July.