Superdry (LON: SDRY) confirmed it is in negotiations with Bantry Bay Capital regarding replacing its existing up to £70m asset-backed lending facility.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.
The British fashion firm is aiming to secure new backing before the lending facility expires at the end of January.
Superdry shares are now down at the start of Monday's session, falling more than 2% after initially opening higher. The stock has declined more than 53% in 2022.
In its final results in early October, Superdry highlighted the importance of refinancing its Asset Backed Lending facility.
At the time, the company said it had “positive discussions with prospective lenders” but acknowledged that, until the discussions conclude, a “material uncertainty exists around the going concern of the Group.”
However, it also added that it continued to make good progress and believed the initiatives would help to offset some of that potential risk.
In today's announcement, the company confirmed that it is still in talks with other lenders, and further information will be made available as and when appropriate.
“There can be no certainty that an agreement will be reached, nor as to the terms of any such agreement and we remain in discussions with other lenders,” the company said in its statement.
