Camera retailer Jessops PLC (JSP.LN) said its bank, pension fund and employee trust will take control of the company as part of a restructuring that will see GBP100,000 made available to shareholders.

In a statement late Monday, the group announced a solvent restructuring that will see its trading company sold to a special purpose vehicle, Newco.

HSBC Holdings PLC (HSBA.LN) will own 47% of the shares in Newco in return for forgoing GBP34 million of debt. Trustees of The Jessop Group Limited Pension and Life Assurance Scheme will own 33%, while the remaining 20% will be owned by an employee benefit trust.

Under the deal, Jessops will continue to trade as a financially stable business with the support of HSBC. Jessops said the working capital being made available to it is sufficient for at least 12 months.

Jessops' board intends to put Jessops PLC into a solvent liquidation in due course, after which GBP100,000 would be made available to shareholders.

Company Web site: www.jessops.com

-By Hannah Benjamin, Dow Jones Newswires; 44-20-7842-9298; hannah.benjamin@dowjones.com
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