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LONDON (Alliance News) - Worthington Group PLC on Monday said its pension protection fund rejected the terms of Worthington's proposed company voluntary arrangement, resulting in the UK High Court issuing a winding up order against the company.
In October, the investment company said it had decided to propose terms for a company voluntary arrangement with all its creditors, noting that its pension fund trustees had "no alternative but to issue" a petition to wind up Worthington.
Worthington said at that time it was proposing the arrangement to protect the pension fund's position, which was in substantial deficit.
However, at a court meeting held on Monday, the pension fund rejected the principal terms of the arrangement.
Worthington said it will now be seeking a judicial review of the pension fund's decision. If successful, the pension fund will be required to accept the principal terms of the arrangement, meaning Worthington would be in a position to exit liquidation via its proposed arrangement.
"Whilst the directors are considering what other options, if any, are available to the company, the outcome of the review is considered, at this stage, to be key to the future of the company," Worthington said.
Shares in Worthington remain suspended.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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