This website uses cookies primarily for visitor analytics. Certain pages will ask you to fill in contact details to receive additional information. On these pages you have the option of having the site log your details for future visits. Indicating you want the site to remember your details will place a cookie on your device. To view our full cookie policy, please click here. You can also view it at any time by going to our Contact Us page.

https://ccsheretohelp.uk/products-services/buildings/facilities-management/?utm_campaign=fm&utm_medium=display&utm_source=trade&utm_content=premises_fm&utm_term=

Critical week begins for Interserve

11 March 2019

After failing to gain the agreement of its main shareholder for its Deleveraging Plan, Interserve is facing further issues in its long-running attempts to return to profitable trading.

Its previously-announced plan aims to reduce its debts by more than half to £275m from £600m through the issuing of new shares.

This would result in shareholders owning 95% of the business, although they would have "heavily watered-down shareholderings", according to the BBC.

The company's largest shareholder, Coltrane Asset Management, proposed an alternative plan that resulted in Interserve issuing a statement last week.

It said the Coltrane proposal required consent from "lenders, bond providers and Pension Trustee to be capable of implementation".

Interserve also said it was "unknown" whether it was possible to obtain lender support for "a materially different deal requiring lenders to take significantly larger write offs" in the timeframe available.

It further stated that Coltrane's proposal was non-binding, unfunded and subject to due diligence, with no certainty of its successful implementation.

The company's board said it was therefore urging shareholders to vote in favour of its Deleveraging Plan on 15 March.

Although Interserve could enter administration if it fails to gain the support of its lenders, the BBC has reported that the company "does not expect any interruption" to its contracts or any redundancies in the short term.

There have been numerous reports on Interserve's finances, particularly following the failure of Carillion in January 2018 and its first refinancing of debt in March last year.

Concern has also been expressed over the placing of bets on the company's failure by financial service businesses, raising discussion on the impact this has on the future of the company involved.


Print this page | E-mail this page

MOST VIEWED...


Article image Why the Law Says You Need a Nappy Bin Disposal Service

At home, parents are used to disposing of their babies’ used nappies the same way they do any other domestic waste - bagging it up and sticking it in the rubbish for general collection.Full Story...

Article image YLOTY2018 winner comments on his success on the night

This year's PFM Awards Young Leader of the Year winner, Kristian Trend, gives his reaction winning the award after receiving his trophy on 7 November at The Brewery in London.Full Story...

Creating Value from Waste Furniture

New company now running Interserve business

Impact of noise at work revealed by survey

http://www.fsifm.comhttps://www.pickfords.co.uk/moving-your-businesshttps://registration.n200.com/survey/3c0sqqc8zvh67?actioncode=000045QNDhttps://cleaningshow.co.uk/londonhttps://www.daikinapplied.uk/servicehttp://www.pfmawards.co.uk/categories/