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UK's Woolworths in talks over sweetened bid: paper
LONDON (Reuters) - Struggling British retailer Woolworths WLW.L is locked in talk over a rescue deal as company restructuring specialist Hilco sweetened its bid by offering to take on more debt, the Sunday Times reported.
Hilco is seeking to buy Woolworth's 840 high street shops for a nominal sum of one pound, but is now offering to take on a greater share of the retailer's 385 million pound ($571 million) debt as talks continue over the weekend, the paper added.
Woolworths' lenders last week rejected the offer from Hilco to assume about 265 million pounds of debt, but Hilco has sweetened its bid by offering to take on up to 300 million pounds of group debts.
Under the plan, Woolworths' DVD publishing and distribution businesses and its group pension fund would stay with Woolworths.
Woolworths shares closed at 1.43 pence on Friday valuing the group's equity at 20.9 million pounds.
A Woolworths spokeswoman declined to comment.
(Reporting by David Jones; Editing by David Cowell)
