JJB agrees further extension of standstill agreement

JJB Sports has agreed a further extension of the standstill arrangements and confirmed that it is considering a company voluntary arrangement to aid its debt situation.

Further to the announcement on 13 February 2009, the Company’s lenders have 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. The company said that it had noted the recent press speculation regarding the possible implementation of a company voluntary arrangement (CVA). “The Company confirms that it is currently exploring a number of solvent restructuring options which would be undertaken with the support of its lenders,” JJB said.

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