Key TG Jones landlords back restructuring plan; oil price hits four-month low – as it happened

Rolling coverage of the latest economic and financial news The owner of WH Smith’s former high street business – TG Jones – will next week seek court approval for a stringent restructuring plan involving the closure of up to 150 stores after major landlords, the Post Office and some suppliers backed the plan. More than 80% of landlords controlling TG Jones’ top stores voted to support the deal this week, according to documents seen by The Guardian with the majority other classes of landlords, who will face swingeing rental cuts under the plan, voting against it. Several different classes of creditor voted over two days this week on the restructure but the plan requires approval – judged as backing from 75% or more – from just one class of creditor and from a high court judge to go ahead. Only 72% of business rates creditors – mostly local councils – backed the plan and less than a third of general creditors, who include card makers, pen brands, gave it the thumbs up. No landlords owning unwanted stores where rent will be cut to zero or closed backed the plan. Small suppliers are to lose at least half the money owed to them by the former WH Smith high street chain if