The struggling clothing retailer New Look may be forced to put itself up for sale in order to complete a rescue refinance.
New Look, which has 500 stores, will hand bondholders up to 92% of the company in return for reducing its £1.35bn debt pile to about £500m.
The company closed 85 stores last year through an insolvency procedure after an annual loss of nearly £235m, which its chairman blamed on its product range becoming too young and edgy and on an ill-starred international venture.
