Farfetch has completed the sale of its business to South Korean ecommerce giant Coupang through a pre-pack administration deal.
The sale, which was announced last month, included a £394.7m bridge loan to help Farfetch avoid bankruptcy while the deal was finalised.
Under the original agreement, the online luxury retailer had until 30 April to explore other potential suitors for all or part of the business.
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However, a group of investors holding over 50% of Farfetch convertible notes – worth over £780bn – have accused the group of rushing to complete the deal after it demanded immediate repayment in full of the value of the notes.
The finalised deal means the interest of the notes and other debt issued by Farfetch has been wiped to zero.
The investors – named “the 2027 Ad Hoc Group” – told Forbes: “The unjustified speed of the sale process and bridge loan terms have precluded any proper marketing of Farfetch’s assets to other interested parties and fail to maximise asset value for stakeholders.”
It is understood the group is evaluating all options to recover value, including litigation.
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