Struggling camera retailer Jessops is undertaking a restructuring that it says will save the company.
It said that it would reorganise so that its biggest creditor, HSBC, owned 47% of the company, with the rest owned by pension and employee trusts.
HSBC will, in return, forgive £34m of debt that Jessops owes it.
Jessops said the restructuring would protect the about 2,000 employees of the company, and will allow it to compensate its current shareholders.
The company in its current form will be liquidated and that will allow £100,000 to be returned to shareholders - this is known as solvent liquidation.
"Thanks to the continued support of HSBC, the restructuring proposal will ensure that Jessops Group Limited remains a fundamentally strong business with a strong presence on the High Street," said Jessops chairman David Adams.
Quality, I really like Jessops, we need stores like them on the high street to remain as competition to the dominant DSGi. I have always found them very friendly and helpful whenever I have been into a Jessops (my father uses the Hereford branch all the time for different things, and has sworn by them for years).
2000 jobs saved as well, more than the government would do for a non-banking and non-car industry company.BBC News Report