Royal Bank of Scotland tables GAME bid, papers claim

It appears to be a day of conflicting newspaper reports, with The Sunday Times reporting that RBS has offered to buy GAME out of administration.

It follows a report in The Express, which says the deal to save GAME has collapsed.

The Sunday Times writes that the state-owned bank is leading a consortium of the firm’s existing banks to buy the entertainment retailer out of administration. However, the suggestion that GAME might merge as a state-owned retailer remains somewhat dubious.

According to the paper, GAME will go into administration tomorrow, allowing it to be restructured. There are three bidders interested in the slimmed-down GAME Group, reports The Sunday Times – RBS, OpCapita and GameStop

The RBS-led consortium wants to roll the existing debt of 85m into a new company of smaller stores.

GAME’s new restructure requires support from suppliers to re-stock the retailer so it can become a profitable ‘phoenix’ company. Restructuring specialist GA Europe is overseeing the restocking.