17 Mar 2009 07:06
JJB Sports PLC
Statement re Further Extension of Standstill and Fitness Clubs Disposal
JJB Sports PLC (the "Company") announces that it has agreed a further extension of the standstill arrangements with its lenders and continues to progress the disposal of its Fitness Clubs business.
Further to the announcement on 13 February 2009, the Company's lenders have agreed to extend the standstill arrangements to 24 March 2009, subject to the lenders remaining satisfied with the progress of the Company's proposed disposal of its Fitness Clubs business. No additional fee has been charged by the lenders for this extension. This extension has been granted in order to allow the Company to reach a definitive agreement for the disposal of its Fitness Clubs business with a potential purchaser.
In addition, the Company notes the recent press speculation regarding the possible implementation of a company voluntary arrangement (CVA). The Company confirms that it is currently exploring a number of solvent restructuring options which would be undertaken with the support of its lenders. A further announcement will be made if and when appropriate.
Contacts
| Maitland | 0207 379 5151 |
| Neil Bennett | |
| Emma Burdett |