French retailer Fnac-Darty says it wins appeal against Comet sale ruling

(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)

(Reporting by Victor Goury-Laffont; Editing by Susan Fenton and Aurora Ellis)