High-end clothing retailer Joyce Boutique Holdings yesterday denied that some of its creditor banks had asked the firm to secure guarantees before they would roll over debts.
Banking industry sources said some creditors had been worried that the loss of earnings from sales of Prada label products would have an adverse effect on Joyce's debt-servicing capability.
'It is my understanding that some of the banks have privately inquired about the possibility of personal guarantees from the chairman, Walter Ma,' one source said.
However, Joyce managing director Adrienne Marie Ma strenuously denied this was true.
She said Joyce and the Ma family were completely separate entities and that no outside guarantees on its debt had been sought by Joyce's banks.
'We are having no problems rolling over our debts,' she said.
Ms Ma was speaking at a special shareholder meeting to approve the sale of a 20 per cent stake in the company to Italian firm Partecipazioni Industriali.
