JJB Sports has agreed a further extension of the standstill arrangements with its lenders as it continues to progress the disposal of its fitness clubs business.
In an announcement to the Stock Exchange today it said that further to the announcement it made on 13 February this year the company’s lenders had agreed to extend the standstill arrangements to 24 March 2009, ‘subject to the lenders remaining satisfied with the progress of the company's proposed disposal of its fitness clubs business’.
It said: ‘No additional fee has been charged by the lenders for this extension.
'This extension has been granted in order to allow the company to reach a definitive agreement for the disposal of its fitness clubs business with a potential purchaser.
‘In addition, the company notes the recent press speculation regarding the possible implementation of a company voluntary arrangement.
'The company confirms that it is currently exploring a number of solvent restructuring options which would be undertaken with the support of its lenders.
'A further announcement will be made if and when appropriate.’