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<\/a><\/div>\n<\/div>\nWith the details,\u00a0Interserve will also set the date for the critical general meeting that will decide its fate.<\/p>\n
On Friday, Interserve revealed that alternative outline proposals had been received from US hedge fund and major shareholder, Coltrane Asset Management, which it said it would now consider.<\/p>\n
In the event of failure to pass either plan lenders are reported by the Guardian<\/em> to have placed Ernst & Young on alert to step in to manage the business if it was forced into administration.<\/p>\n \n The latest moves bring to a head the intense stand-off between Interserve’s shareholders and lenders.<\/p>\n Under the board’s favoured plan agreed with its lenders, existing shareholders will be almost wiped out.<\/p>\n Key lenders, including RBS, HSBC and BNP Paribas, have agreed to release \u00a375m to fund working cash and take \u00a3480m new equity in the group to halve debt to \u00a3275m.<\/p>\n \n This will leave existing shareholders with just 2.5%\u00a0of the enlarged shares, although they have\u00a0option to raise their stakes in a later \u00a3480m open offer, likely to be discounted.<\/span><\/p>\n Under the counter-proposal tabled by Coltrane,\u00a0which owns a 27% stake in Interserve, 65% of the firm would be handed to lenders\u00a0in exchange for \u00a3436m of debt. A proposed \u00a375m rights issue would take up 25% of the equity, leaving existing shareholders owning 10%.<\/p>\n In a statement, Interserve said: “The board confirms that it remains committed to achieving a consensual deleveraging plan.”<\/p>\n \n<\/a><\/div>\n<\/div>\n
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