Former WH Smith’s small suppliers to lose at least half of debts in rescue plan

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Creditors vote on Wednesday and Thursday this week, with a high court hearing set for Monday to sanction the plan. Exit-contract suppliers—toy makers, card companies—face a total write-off of debts, while non-core suppliers including Help for Heroes will receive less than 50% of what they are owed, the remainder deferred over three-and-a-half years. Even core suppliers such as Condé Nast, Ferrero and Lonely Planet must accept payment in instalments beginning six months after approval. TG Jones said it owed suppliers roughly £4m in total when the restructuring was announced last month, under which up to 150 stores could close and rents would be cut; British Land has now withdrawn its legal objection after winning improved terms.