Vending

London court approves vote on Selecta restructuring plan

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October 14, 2020

A London court has agreed to allow Selecta, Europe's largest unattended services retailer, to ask creditors to vote on a restructuring plan for an additional €125 million ($146.7 million) to meet its obligations during the coronavirus pandemic, according to a Law360 report.

The company was granted oral approval on Oct. 2.

Judge Adam Johnson said such a vote has a degree of urgency, which is not to imply there is immediate financial distress. He said the evidence indicates the company has liquidity issues.

The company said it did not believe it could make an interest payment owed to creditors that hold senior secured notes having an aggregate principal of €1.2 billion plus 250 million Swiss franc ($274 million), according to the report.

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