Gus in danger of default

UK retailer Gus is in danger of defaulting on its bonds if the firm continues with its demerger plans.

HSBC Holdings, the bondholders’ trustee, says Gus would default on its £350 million 2013 issue should shareholders approve the split of the Experian unit from the Argos and Homebase store divisions. Gus will request shareholder approval for its demerger plans on August 29, and has asked bondholders to allow the transfer of debt to Experian.

The buyback under the terms of the notes is at par plus

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