(Reuters) - The London court of appeal ruled in favour of French retailer Fnac-Darty in a case concerning the 2012 sale of UK group Comet, reversing a previous ruling, the company said Monday.
Fnac-Darty will receive the full amount it was previously ordered to pay, as well as "reimbursement of procedural costs and interest", which should lead to a positive impact on its cash position of around 130 million euros ($137.01 million), it said.
Kesa Group, later renamed Darty before a Fnac takeover created the current Fnac-Darty group, sold British electronics chain Comet in 2012.The company went into administration later in the year and shortly after ceased its operations.
In November 2022, a high court in London determined that Darty Holdings SAS, a Fnac-Darty subsidiary, had to repay 112 million pounds ($136.63 million) after a claim brought by Comet's liquidator.
The liquidator claimed that an intra-group debt repayment was made at a time when Comet was already insolvent.
($1 = 0.9489 euros)
($1 = 0.8197 pounds)