New Look, which had already undertaken a CVA a couple of years ago, has been forced to trigger the process once again in the wake of the Covid-19 pandemic – a crisis that threw turnaround plans awry as trading went into a tailspin. 

In support of the retailer’s recovery ambitions, lenders are switching debt for equity. Their status as senior debt holders will be diluted, along with New Look’s debt burden, which will reduce from £550m to £100m.