OpCapita bids again to acquire troubled Game
The turnaround specialist OpCapita submitted another bid to acquire parts of the troubled video games retailer Game Group out of administration yesterday.
But the retailer's syndicate of six banks is also continuing to evaluate a separate proposal to keep the UK chain on the high street, as part of a debt-for-equity swap.
OpCapita had its initial offer for Game rejected by the banks, including Royal Bank of Scotland and Barclays, last week. This forced the retailer to appoint PwC as administrator on Monday, following the chain's failure to pay its £21m second-quarter rent. The accountancy firm closed 277 of Game's 610 UK shops, resulting in 2,089 redundancies.
GA Europe, the retail restructuring firm, is supporting PwC with the ongoing trading of Game, as well as the UK store closure programme.
OpCapita is thought to be interested in acquiring the 333 Game stores that remain open. The separate bank-led rescue would see the lenders buy parts of the UK business and hire a management team to run it until Game could be sold.
GameStop, the US giant, is thought to have bid to acquire Game's Iberian business and its operation in the Czech Republic. Game has 663 shops overseas.
All parties declined to comment.
- 1 Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
- 2 Rihanna 'nude pictures' claims emerge on 4Chan as hacking scandal continues
- 3 Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
- 4 'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
- 5 Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Rihanna 'nude pictures' claims emerge on 4Chan as hacking scandal continues
Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
Jennifer Lawrence: Leaked 4Chan sex video branded 'fake' by users
Jennifer Lawrence 'naked sex video' will be leaked next, threatens 4Chan celebrity photo hacker
Scotland could still declare independence – even without referendum, says Alex Salmond
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
Archbishop of Canterbury admits doubts about existence of God
iJobs Money & Business
£65000 Per Annum Benefits + bonus: Clearwater People Solutions Ltd: If you are...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree are a global FTSE 250 ...
£20000 - £25000 per annum + OTE £40000: SThree: As a Recruitment Consultant, y...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree Group have been well e...