Philip Green's Arcadia group on a knife-edge as creditors vote on rescue plan – business live

Rolling coverage of the latest economic and financial news, as landlords vote on whether to approve Arcadia’s rescue deal

8.25am BST

Property Week agree that the vote of Land Securities (one of the U’s largest commercial property firms) will be crucial today. They say:

Landsec holds Arcadia’s survival in its hands for the second week in a row.

Even if the commercial property giant abstains, that is expected to be enough to give Sir Philip Green victory.

8.16am BST

Arcadia remains hopeful that landlords will approve its CVA deal today, at the second time of asking.

One insider told Retail Week:

“Arcadia wouldn’t take it to a vote tomorrow if it wasn’t hopeful of getting it over the line. It would have pulled the plug and gone into administration instead.”

Related: Philip Green pledges family cash to save Topshop rescue deal

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Source: The Guardian
Philip Green's Arcadia group on a knife-edge as creditors vote on rescue plan – business live