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Leadership
Arnotts agrees refinancing deal with lenders
08.02.2010
The heavily indebted Irish department store Arnotts has agreed a refinancing deal that will see its banks inject more working capital into the company.
According to a report in the Sunday Times, Arnotts agreed the deal late last week following two weeks of tough negotiations. Its existing financing deal was due to end in April.
The paper says that the department store’s bankers, Anglo Irish Bank and Ulster Bank, have agreed to roll over €270m in debt and advance the store another €11m.
Arnotts was pitched into debt due to property purchases it made in relation to its proposed Northern Quarter development in Dublin city centre, which has now been postponed.
The store had been planning to spend in the region of €750m to redevelop a 5.5-acre block bordered by Henry Street, Middle Abbey Street, Liffey Street and O'Connell Street into a new shopping, entertainment and residential zone.
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Irish Director is Ireland’s leading senior management magazine. Designed for business leaders and decision makers across the island, it covers topics of specific relevance to Ireland’s senior directors.
Owner Manager is the latest title from the BusinessandLeadership.com stable. It focuses specifically on the needs of the business owner, offering both strategic and practical features and information related to running your own business.
Marketing Age is the definitive ‘voice’ of the marketing industry in Ireland. Aimed at decision makers, marketing directors and industry professionals, it deals in-depth with marketing strategy, innovation and the world of new media.
Knowledge Ireland is a ground-breaking bi-monthly magazine from our sister brand siliconrepublic.com, unique in its exploration of strategy and innovation through people and technology.
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