Zoot bond holders offered shares instead of repayment

Zoot bond holders offered shares instead of repayment

Published at: 2019-06-03 09:17 | Author: CIJEurope.com
Roughly investors who hold bonds from the troubled on-line fashion retailer Zoot have been offered shares in the company. Under a reorganization plan for the company, which collapsed earlier this year, uncovered bond holders were only supposed receive 10 percent of the original value of the bond. If they were to accept shares in the company, they have a chance of recovering more than that amount. The financial group Natland bought up most of the liabilities of the company and provided it operating capital to stave off total bankruptcy. As a result, Natland is now leading the recovery of the company, which continues to make a loss. In all, Zoot sold CZK 230m in bonds. The shares now being offered in lieu of bond repayments would be freely tradeable.

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