Squibb CVA “off the table”

A meeting of creditors that could have decided the fate of the embattled Squibb Group that was scheduled for tomorrow will not now take place.
DemolitionNews has seen a letter sent today to creditors by administrator Begbies Traynor that says:

Notice of Cancellation of a virtual meeting of creditors’ of Squibb Group Limited on 21 November 2023

Further to the adjourned meeting of creditors to consider the Company Voluntary Arrangement to be held on the above date, I write to advise that pursuant to instructions received from the directors, they have withdrawn the CVA Proposal.

As such, the meeting on 21 November 2023 is cancelled and no attendance will be required.

It is not clear whether this means the directors have been unsuccessful in gaining agreement over the CVA or if they are now pursuing an alternative way forward amidst debts of £23.3 million.