U.S. property trust Vornado challenges Arcadia's restructuring plan

Philip Green's fashion empire Arcadia Group on Tuesday said it received applications from legal entities of U.S.-based property group Vornado challenging two of its seven planned Company Voluntary Agreements (CVAs). Arcadia said the challenges to the CVAs, which were approved in June by the required majority of creditors, were "without merit", adding it would defend itself against them.

"Our Group continues to trade as normal and we remain focussed on delivering our turnaround plans", Arcadia Group Chief Executive Ian Grabiner said in an emailed statement. CVAs have been carried out by several British retailers, including fashion chain New Look, floor coverings firm Carpetright, mother-and-baby goods group Mothercare and department store chains House of Fraser and Debenhams.