The latest business on dit has creditors reluctant to pony up for OpCapita’s buyout of flailing retail chain GAME.
According to the Guardian, insiders claim discussions with OpCapita’s creditors have ground to a halt, effectively ending hopes for the deal, which is on a tight deadline.
OpCapita, which owns Comet, is financed by a group of banks, most notably the Royal Bank of Scotland; a spokesman for the state-controlled financial institution said talks were ongoing.
GAME reportedly owes the Royal Bank of Scotland £45 million. It is also said to have £30 million debts to Barclays, HSBC and La Caixa, and an outstanding £40 million bill with suppliers. Reports suggest GAME’s most pressing concern is an upcoming quarterly rent payment on March 25; if it cannot meet this deadline, it will be forced into restructuring and possibly administration.
Some wags on Twitter have suggested we launch a Kickstarter to raise approximately £180 million required to save the retailer. It’s only 60 times what Double Fine Adventure pulled, right?