GREAT BRITAIN — TG Jones, the retail chain formerly known as WH Smith, will hold a creditor vote on an amended restructuring plan on Wednesday. The company stated it is likely to call in administrators if creditors do not approve the plan.

The private equity firm Modella Capital purchased WH Smith last year, rebranding it as TG Jones. The amended restructuring plan affects various creditors, including small suppliers and dozens of exit contract suppliers. Small suppliers, such as the charity Help for Heroes, are expected to lose at least half the money owed to them if the plan is approved. Suppliers listed as non-core will receive less than half the money owed, with the remaining debt to be paid in full in three and a half years.

Dozens of exit contract suppliers could have their debts wiped out, though they would retain the right to a share of future profits exceeding a certain level in three years. TG Jones requested that core suppliers, including Condé Nast, Ferrero, and Lonely Planet, accept delayed repayment. Core suppliers will not receive full repayment for a year, and monthly installments will not begin for six months after the restructure is approved. TG Jones stated it owed suppliers £4 million when the plan was announced.

Modella Capital launched the initial restructuring plan last month, which included the potential closure of up to 150 stores and rent cuts on dozens of locations. Modella Capital sent landlords an amendment to the restructuring plan offering improved terms, including a larger share of any future profits resulting from the restructure. The amendment also promises to repay landlords for money cut from rents on its most important sites after three years. British Land, a landlord that had previously opposed the plan, withdrew its opposition and will abstain from voting. A British Land spokesperson stated the company agreed to withdraw its objection following "detailed discussions with TG Jones and material concessions made by the company."

A TG Jones spokesperson stated the company is "aware of suggestions made by a small number of landlords" and has "engaged constructively with landlords and other creditors across the estate." The spokesperson added that TG Jones has "improved the terms of the plan to reflect feedback received," believing these improvements demonstrate a "commitment to achieving a satisfactory outcome for all stakeholders." One card maker supplier stated she intends to stop supplying TG Jones, noting, "For our business it is a significant write-off."