Empik Media & Fashion, which owns River Island, GAP, Aldo and Esprit, is moving forward with its debt restructuring process. The company is introducing a new strategy that will help it grow over the next three years and allow it to stay on the Polish market.
At the beginning of November, the company issued PLN 103.8m and PLN 17.5m in bonds, maturing in 2017. The funds will be used to repurchase the company’s bonds set to mature this year. As a part of the debt restructuring plan, the majority shareholders in the company, Eastbridge and Penta Investments, have also agreed to give EM&F a PLN 100m loan, which will make it possible for the company to recover the loan issued in September. “The remaining funds [provided by Eastbridge and Penta Investments] will improve the company’s liquidity,” EM&F wrote in a statement.
