Oddbins downgrades payout estimate

Accountancy firm Deloitte has revised downwards the projected dividend that would be received by Oddbins creditors if the company enters administration.

Accountancy firm Deloitte has revised downwards the projected dividend that would be received by Oddbins creditors if the company enters administration.
A payout of 13p in the pound had originally been estimated but has now been downgraded to 7.5p.
Oddbins will formally enter administration on Monday if creditors refuse to back a rescue package at a meeting in London tomorrow.
Under the terms of the rescue deal, creditors will receive 21p in the pound on money owed to them.

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