{"id":1467,"date":"2018-12-17T07:23:37","date_gmt":"2018-12-17T07:23:37","guid":{"rendered":"https:\/\/cita.co.uk\/news\/?p=1467"},"modified":"2018-12-17T07:23:37","modified_gmt":"2018-12-17T07:23:37","slug":"interserve-plan-to-hand-rmd-kwikform-to-lenders","status":"publish","type":"post","link":"https:\/\/cita.co.uk\/news\/interserve-plan-to-hand-rmd-kwikform-to-lenders\/","title":{"rendered":"Interserve plan to hand RMD Kwikform to lenders"},"content":{"rendered":"

Debt-laden Interserve is understood to be looking at spinning off its profitable RMD Kwikform business to\u00a0its lenders as part of a rescue plan.<\/p>\n

RMD Kwikform has been estimated to be worth \u00a325om-\u00a3300m and could be later sold off in a managed way rather than risking a cut-price deal in a fire-sale.<\/p>\n

A report in\u00a0Sky News<\/em> over the weekend said the firm was holding talks with its banks to hand over control of the formwork, falsework and shoring business.<\/p>\n

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Last week Interserve said it was making headway in talks with banks about a rescue deal to reduce its \u00a3650m mountain of debt.<\/p>\n

But the mooted\u00a0debt for equity swap\u00a0saw Interserve shares tank by around 60%, valuing the firm at under \u00a314m.<\/p>\n

Shares slumped because the proposed plan would see major banks write off loans for shares and could virtually wipe out existing shareholders and leave existing banks and debt holders taking a heavy hit.<\/p>\n

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This latest plan could soften the blow, if it is agreed.<\/p>\n

RMD Kwikform is one of the last gems in the crown of the former high-flying business that once claimed a stable business model founded on the four divisions: construction, support services, equipment services and investments.<\/p>\n

In the first half of this year, RMD delivered over \u00a318m profit from revenue of nearly \u00a3100m, accounting for just under half of pre-exceptional group operating profit.<\/p>\n

Three years ago, then chief executive Adrian Ringrose put the RMD unit under review for a possible sell-off but after over eight months of trying to find a buyer decided to retain the business within the group.<\/p>\n

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from Construction Enquirer https:\/\/ift.tt\/2UOVJRH<\/p>\n","protected":false},"excerpt":{"rendered":"

Debt-laden Interserve is understood to be looking at spinning off its profitable RMD Kwikform business to\u00a0its lenders as part of a rescue plan. RMD Kwikform has been estimated to be worth \u00a325om-\u00a3300m and could be later sold off in a managed way rather than risking a cut-price deal in a fire-sale. A report in\u00a0Sky News […]<\/p>\n","protected":false},"author":1,"featured_media":146,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[9],"class_list":["post-1467","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-construction-enquirer"],"_links":{"self":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/1467","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/comments?post=1467"}],"version-history":[{"count":1,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/1467\/revisions"}],"predecessor-version":[{"id":1468,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/1467\/revisions\/1468"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/media\/145"}],"wp:attachment":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/media?parent=1467"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/categories?post=1467"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/tags?post=1467"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}