LONDON (Alliance News) - Patisserie Holdings PLC said Monday its principal lenders have reached an extension agreement over its debt consolidation.
The period by which the Patisserie Valerie owner must enter into a consolidated syndicated facility structure for its outstanding debt has now been extended to January 18.
The cafe chain has been struggling since discovering in October a GBP20 million black hole in its financial accounts due to potentially fraudulent accounting irregularities.
The firm has since raised GBP15.7 million via a share issue. Its AIM shares were suspended last month after the company revealed the hole in its accounts and this suspension is still in place.
Finance Director Chris Marsh was suspended by the company after the irregularities were found. He since was arrested and released on bail. Marsh subsequently resigned from Patisserie.
The UK Serious Fraud Office separately has said it is investigating an unnamed individual connected to Patisserie Holdings.
