BHS’s biggest creditor plans to abstain from the vote on its company voluntary arrangement (CVA) proposals on Wednesday, according to reports.
The troubled chain is trying to push through a plan to slash rent bills on half of its stores and needs approval from 75% of its creditors. BHS has warned it will likely enter administration if it does not gain enough support for the plan.
The Pension Protection Fund (PPF), its biggest creditor, will not take part in the vote, The Sunday Times reported yesterday.
The newspaper said the Pensions Regulator is now pursuing BHS’s previous owner, Sir Philip Green, for a continuation to its pension deficit. The pension deficit has been calculated at £571m on a buyout basis.