Investment company Boundary Capital has said its shareholders are unlikely to receive any value from the company's stake in the Arnotts department store group. Boundary has a 28% stake in Arnotts.
In a statement to the stock exchange, it said Art Holdings, the company which owns Arnotts, was in talks with its bankers about a restructuring of its debt.
'The level of debt owed by Arnotts means that there is unlikely to be any material value for Boundary Capital's investment in Arnotts,' it said.
A report in the Sunday Times said a refinancing deal had been agreed last week, and that Arnotts' bankers had agreed to pump further capital into the company, which has built up heavy debts due to its plans for a Northern Quarter development in Dublin city centre.
