The Claims Date is 21 March 2018. Unsecured Creditors (including Landlords) will receive a greater return on the amount owed to them in the CVA than they would do if Prezzo were to enter administration (see further page xi). If the CVA is not approved and implemented, Prezzo is likely to enter into administration.How does a CVA affect a restaurant chain?
In the case of restaurant chains, this usually involves landlords accepting reduced rent payments. A CVA has to be agreed by creditors with a combined claim of more than 75% of what the company owes, with the remaining 25% bound by the same terms if the deal goes through.What are the conditions for a CVA?
A CVA has to be agreed by creditors with a combined claim of more than 75% of what the company owes, with the remaining 25% bound by the same terms if the deal goes through. Topics Food & drink industry Restaurants Food Consumer affairsWhat is savesave's CVA proposal?
Save as set out in this Proposal, the CVA will not seek to compromise the rights or claims of any other creditors, including, without limitation, employees and customers.