Game Group strikes deal with suppliers on bank borrowing

fight against games retailer gives temporary relief and reduction of loans that banks continue to exert influence, analysts say

games providers have come to the rescue group in the fight against retail game, reached an agreement behind the scenes to enable the company to set new terms with its lending banks.

However, banks have considerable influence on society again - continues to press, in particular, for the sale of game stores abroad. Consequently, the Council is committed to provide an update on strategic planning offered to lenders for approval. In addition, the game will break the line of credit not specified.

new terms with suppliers and banks were welcomed by analysts, despite the lack of details. The shares of the group, which traded at nearly 170P in the fall of 2010, yesterday closed up 1.31p at 6.64p.

Analysts were quick to warn that much of Friday was probably represent only a temporary relief for the game because the company needs working capital important in view of Christmas . "The ability to negotiate until December 2012, after a review of the facility back to full levels," said Gillian Hilditch of JP Morgan Cazenove.

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executive director Ian Shepherd said: "We are pleased to reach agreement with lenders, but should have no illusions about the challenges of our labor market and drive required to deliver our strategic plan. "

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• to support their suppliers echoed a similar agreement between the supplier and HMV music leading the fight of the film and agreed last month. As the game, HMV was able to use the concessions provider for revised terms of its lenders - where appropriate, Royal Bank of Scotland and Lloyds Banking Group. HMV CEO Simon Fox has made it clear that the group, as a game, is also under pressure to do more missions.
• Although analysts say the game this week finished the year with a net cash surplus, the company had yet headed for violation of its loan agreements later this month. Christmas trading was poor - with 15.2% comparable sales - and that was quickly followed by a large rent bill at the end of the calendar year. On Friday, the group said it expects to report an underlying loss before tax of £ 18 million for the year ended January 31, when it announces its results for the year.
• The company operates 1,274 stores worldwide, including 610 in the UK, said unspecified "interested parties" have stepped in to provide vital support. This is considered a reference to the granting of the major suppliers, many of whom are desperate to stop the game goes to the wall. Despite the rapid migration of many video game sales on the Internet and mobile devices, gaming remains an important part of the main products of the street storefront software.
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latest published accounts to 295 million euros to suppliers in late January of last year, most often the solution of their invoices within 30 days. Suppliers are considered to have contributed to play through the generous discounts payments, which facilitates short-term pressure on the finances of the store.

However, the concessions are not enough providers to reduce the set of banks completely. These lenders, consisting of Royal Bank of Scotland, Barclays, HSBC, La Caixa, Allied Irish Bank and Bank of Ireland, have required the approval of certain elements of the strategy is thought to include the possible sale of stores in the abroad

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