Natland tightens its grip on Zoot debt

Natland tightens its grip on Zoot debt

Published at: 2019-03-07 09:41 | Author: CIJEurope.com
Natland Finance has strengthened its position in the troubled online retailer Zoot by buying a series of liabilities from Citibank. In all, Natland's exposure to Zoot debt rose CZK 60m through the transaction, bringing its total to CZK 200m, according to the daily Hospodářské noviny. Natland's boss Tomáš Raška confirmed the deal to the newspaper. "We're in the moratorium phase," he said. "That's an opportunity for informal restructuring. We continue to believe that Zoot can eventually be a functioning business model…we continue to provide operating finances to the company." Zoot had been making losses for some time but its creditors started taking action at the end of last year, most often by selling the debts to Natland.

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