The creditors of stationery retailer Paperchase Products Limited have today approved its proposed company voluntary arrangement (CVA).
Will Wright, restructuring partner at KPMG and joint supervisor of the CVA, said:
“The engagement and buy-in of all stakeholders throughout this process has been vitally important in putting together an innovative CVA proposal which, following today’s approval, will allow Paperchase to move forward with a financial and operational restructuring plans.
“Today’s vote saw a majority of all voting creditors choosing to approve the CVA, surpassing the 75% total required in order to pass the resolution.”
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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 16,300 partners and staff. The UK firm recorded a revenue of £2.338 billion in the year ended 30 September 2018. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.