Fitch warning for M&S bondholders


Bondholders of UK retailer Marks and Spencer (M&S) are likely to be subordinated under a potential leveraged bid from Philip Green to buy the group, according to rating agency Fitch Ratings. The company’s £400 million 2014 bonds plunged to 80% of face value and began to be traded from high-yield desks after the entrepreneur said on May 27 that he was putting the finishing touches to a bid for the troubled high-street firm.

“Green’s track record with Arcadia and BHS points towards a more lever

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