Matalan is set to announce a deal today that will avoid closures among its 230 UK stores.
The fashion and homewares retailer will announce a debt-for-equity swap led by Invesco, Man GLG, Tresidor and Napier Park, after a process run by Teneo failed to elicit a satisfactory takeover bid.
The consortium of bondholders will assume ownership of the company by cutting the debt by between £150m and £200m, while injecting £100m of fresh equity. The lenders are planning talks with unsuccessful bidders about the possibility of making a minority investment in the company.
