Shoeby completes WHOA process

The court approved Shoeby’s Dutch WHOA agreement (Act on the Confirmation of Private Plans). The agreement with the creditors will be implemented in the coming weeks, according to the fashion chain.

The financiers of the company, ING Bank (1.8 million euros) and Van Deursen Beheer B.V. (7.5 million euros), have their loan completed. In addition, Van Deursen Beheer provides a new loan so that the chain can implement the WHOA agreement. Van Deursen Beheer is affiliated with the former shareholder and founders John and Mieke van Deursen. In 2017, the company was transferred to the second generation, Mitch and Jill van Deursen.

The creditors of the fashion chain receive a one-off payment by the agreement, against final discharge. The amount is based on a percentage of their outstanding claim. Documents that RetailTrends has recognized show that Shoeby has a total of more than 13.5 million euros – from 3 BVs – in receivables. How much each creditor receives depends on the ‘ class ’ in which they are classified.

Class 1 creditors receive 20% of the claim they have with Shoeby. The amount remaining then is ‘ proportional ’ distributed among class 2 and 3 creditor.

The Tax Authority (class 2) will receive a turnover tax of 2.8 million of the 9 million euros due. According to the proposal, 330 thousand euros of the 3.2 million euros in wage tax will actually go to the tax authority. The other class 3 creditors together have 4.7 million euros. According to the agreement, they will receive 484 thousand euros in return.

In a WHOA procedure it is possible for viable companies to reach an agreement with creditors and thereby avoid bankruptcy. The company must continue to meet the current obligations, such as paying the rent, during the process. In this way, the company can continue after the debt restructuring when the agreement has been ratified by a judge. The WHOA procedure is a form of debt restructuring that not all creditors have to agree to. A judge must then ratify the agreements. It is not known how many creditors voted for and against the agreement.

Shoeby submitted this agreement to its creditors at the end of last year through the WHOA procedure. Shoeby was forced to initiate this procedure after it did not overcome the financial difficulties caused by the coronary crisis. Bankruptcy, according to Shoeby, would be inevitable without debt restructuring. According to Shoeby, the plan that forms the basis for the agreement has been validated and tested by external parties. “ The WHOA was created in 2021 for companies that are healthy at the core ”, says CEO Mitch van Deursen. “ We are a core healthy company and that is why we were able to successfully complete the WHOA process. ”

Source: RetailTrends

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