Debenhams schemes enter PPF assessment, cash increase agreed

first_img“In the event the CVA is passed, we would expect the schemes to then exit PPF assessment,” she added.“We have been working closely with the Pensions Regulator, the company and trustees of the scheme to ensure the best outcome for members and PPF levy payers.“Members can be reassured that the PPF is there to protect them if needed.”Debenhams’ schemes had assets worth £1.1bn (€1.3bn) at the end of September 2018, according to company accounts, and a funding surplus of £156m.Dan Mindel, managing director at Lincoln Pensions, said: “As with other recent high profile cases, the initial financial restructuring is an important first step in stabilising the business but the need to address the underlying operational challenges of these companies remains the key issue for the future of the schemes.”To become effective, each CVA proposal has to be approved by 75% or more in value of the creditors voting at a creditors’ meeting – to be held on 9 May – and by more than 50% of the total value of the unconnected creditors. The defined benefit pension schemes of UK retailer Debenhams have entered into the country’s lifeboat fund’s assessment period after the company proposed to restructure its store portfolio.The high street retailer was placed into administration earlier this month and today proposed two “Company Voluntary Arrangements” (CVA) that would see around 50 of its 166 stores closed, starting with up to 22 store closures in 2020.The company said that, as part of the overall restructuring and turnaround plan, it and its lenders had agreed it would increase cash contributions to the pension schemes by £9m annually from September this year to 2023. This was as part of a revised funding agreement reached with the trustees.A spokesperson for the Pension Protection Fund (PPF) confirmed that the company’s pension schemes had entered into PPF assessment as a result of the CVA proposal.last_img read more


Goodboy wins second edition of R. Franco’s Game Weekend

first_img Share Submit StumbleUpon Andrea Vota – Jdigital’s challenge of Spanish restrictions is led by logic and rationale August 13, 2020 Share Winamax maintains Granada CF sponsorship despite bleak Spanish outlook August 19, 2020 Related Articles Martin Lycka – Regulatory high temperatures cancel industry’s ‘silly season’ August 11, 2020 Goodboy, an educational Christmas game for children, was crowned the winner at the second edition of Recreativos Franco’s Game Weekend.Developed by a group of young people aged 23 to 39, Goodboy is a game where children communicate with Santa Claus, who defines the number of sweets they need to unlock each present. A parents’ management application then displays different online sites to buy the present, with each transaction making a certain commission for the business.More than 50 developers, marketing experts and visual artists were tasked with developing a Christmas-related game in just 15 hours at Area 31, the entrepreneurial space at the IE Business School in Madrid. A jury found Goodboy to be the most deserving winner against criteria which included originality, prototype quality, design quality and commercial feasibility.Alejandro Casanova, R. Franco’s New Business Manager and CDO, commented: “We were surprised with participants’ level and the premium quality of projects. We appreciate the excellent acceptance this initiative has had, as well as the help provided by our in-house and external collaborators.”Game Weekend is part of the strategy to transform Recreativos Franco’s digital business by supporting young talent within the entertainment industry. In the last month, officials have been presenting new digital initiatives at universities and business schools, and were pleased to see that the finalist teams included at least one student from Madrid’s Higher School of Design and Universidad Complutense.last_img read more


Adventure Fest: Extreme Sports Enthusiasts on Vlašić From 7-8 September

first_imgThe organizers of this year’s Adventure Fest Vlašić started last year with the preparation of sports and tourist activities on the mountains.The idea for the festival emerged as a logical continuation of the already existing interest of athletes that engage in extreme sports. Specifically, they have long been present in Vlašić, and their enthusiasm inspired Zana Topalbegović and Ermina Hadžijusufović, who lead the association ‘Krug’, to gather athletes in one place whose preoccupation is adventure.The several months of preparations, interviews, meetings and projects led to the result of a final version of a festival that is planned for 7 and 8 September. Many sports clubs from B&H have announced their participation, as well as from neighboring countries. In addition, many well-known athletes have also announced their arrival, such as Goran Todić (Gogo Base), Hasan Gušić (Bike Doctor), Armin Gazić, Nemanja Mihajlović, Benjamin Baković (Shiziko) and Jasmin Golać.Within the sports part of the festival, of which many events and facilities will be available to visitors, adventurers, and those interested in recreation, a fair and entertainment program is planned. During the three days of the duration of the fair, visitors can buy many authentic products from this region.(Source: klix.ba)last_img read more


‘I’M 99.9% SURE IT WILL SNOW THIS CHRISTMAS” – MICKEY THE POST!

first_imgMickey the Post reckons snow is just around the corner!Some swear by his predictions while others may be a bit more dubious!But Ireland’s best-known amateur weather forecaster has said there is a “berry-good chance’ we’ll see snow this Christmas.Glenfin postman Michael Gallagher has accurately predicted the weather for a number of years using the tell-tale signs of plants and animals. Postman Michael GallagherA few years ago he cost bookmaker Paddy Power more than €70,000 in bets when he accurately predicted a white Christmas.Now the amateur weather sleuth says he is “99.9%” sure many parts of Ireland will have plenty of the white stuff over the festive season.And he is undeterred by the extremely mild weather we have been having lately.He told Donegal Daily “I have been saying this since October and I am sticking by my predictions – the weather is going to turn very cold, very quickly. “When the grass is still growing and flowers are still blooming this late, there is always a sting in the tail.“The weather will turn for the worse very soon and I am 99.9% certain that we will have snow in many parts of the country over Christmas.“I do no think we will have blizzards like some have been predicting but I do expect snow,” he said.Michael said he has never seen various bushes and plants coming down with such heavy crops of berries at this time of year.“The berries are there and now I have witnessed the birds gathering as many as they can. They know the cold snap is coming and they are stocking up,” he said. ‘I’M 99.9% SURE IT WILL SNOW THIS CHRISTMAS” – MICKEY THE POST! was last modified: December 3rd, 2014 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:CHristmasdonegalMichael Gallaghersnowlast_img read more