A spokesperson for Coltrane said: \u201cGiven that a better proposal for a greater number of stakeholders is now on the table the directors, in their capacity as fiduciaries to the company, should halt cooperation with lenders on implementation of their plan.<\/p>\n
\u201cIf the company is not able to make such a decision then this raises serious questions about the board\u2019s decisions leading to this point, and about the position of the lenders, including major UK banks.”<\/p>\n
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<\/a><\/div>\n<\/div>\nColtrane, which holds a 27% stake in Interserve has warned it will not vote for the latest rescue plan hammered out with lenders. This would leave shareholders with a mere 5% in the enlarged group after a debt for equity\u00a0swap with major lenders.<\/p>\n
Under Coltrane’s latest counter-proposal 55% of Interserve’s equity would be handed to lenders in exchange for \u00a3435m of the firm\u2019s \u00a3630m debt.<\/p>\n
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<\/a><\/div>\n<\/div>\nInterserve would also raise \u00a3110m in a rights issue underwritten by Coltrane with\u00a0shareholders retaining a 37% stake.<\/p>\n
A statement from Interserve about the Coltrane move said:” A further announcement will be made in due course.\u00a0 In the meantime, the board remains committed to achieving a consensual deleveraging plan.”<\/p>\n
A showdown meeting to vote on lenders’ rescue deal is planned for\u00a015 March.<\/p>\n
In the event of failure to pass a plan lenders are reported to have placed Ernst & Young on alert to step in to manage the business if it was forced into administration.<\/p>\n
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