{"id":4062,"date":"2019-03-15T14:10:26","date_gmt":"2019-03-15T14:10:26","guid":{"rendered":"https:\/\/cita.co.uk\/news\/?p=4062"},"modified":"2019-03-15T14:10:26","modified_gmt":"2019-03-15T14:10:26","slug":"interserve-to-file-for-administration-as-rescue-rejected","status":"publish","type":"post","link":"https:\/\/cita.co.uk\/news\/interserve-to-file-for-administration-as-rescue-rejected\/","title":{"rendered":"Interserve to file for administration as rescue rejected"},"content":{"rendered":"<p>Interserve shareholders have rejected the proposed rescue plan leaving the board now set to file for administration today.<\/p>\n<p>Around 60% of the votes cast rejected the proposed debt for equity swap, which would have given lenders 95% of the business and left shareholders with just 5%.<\/p>\n<p class=\"iw\"><span class=\"ij\">Interserve&#8217;s board of directors is now holding an urgent board meeting to consider its options.<\/span><\/p>\n<p class=\"p1\">\n<div class=\"ad-mpu ad-mpu-inline\">\n<div class=\"sleeve\"><a data-ad-id=\"122797\" href=\"http:\/\/www.constructionenquirer.com\/wp-content\/themes\/constructionenquirer\/adclick.php?url=http%3A%2F%2Fwww.google.com%3Futm_source%3Dconstruction-enquirer%26utm_medium%3Dbanner%26utm_campaign%3Dconstructionenq-ads\" onclick=\"track_ad_click(this);\"><img decoding=\"async\" src=\"\"\/><\/a><br \/>\n<SCRIPT language='JavaScript1.1' SRC=\"https:\/\/ad.doubleclick.net\/ddm\/adj\/N6250.2036112CONSTRUCTIONENQUIRE\/B22323192.240763326;sz=300x250;ord=[timestamp];dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=?\"><br \/>\n<\/SCRIPT><\/div>\n<\/div>\n<p>The most likely course of action will now be to file for administration with the business and assets passing to a newly-formed company owned by lenders.<\/p>\n<p>It is hoped this\u00a0pre-pack deal, which could be agreed today, would protect most of the 45,000-strong UK workforce and pensions. But there have so far been no assurances about what this move holds for Interserve&#8217;s existing unsecured subcontractors and suppliers.<\/p>\n<p class=\"iw\"><span class=\"ij\">In a statement following the vote, the board said: &#8220;In the absence of any viable alternative, it expects to implement an alternative deleveraging transaction, which is likely to involve the company making an application for administration.<\/span><span class=\"ij\">\u00a0&#8220;<\/span><\/p>\n<p class=\"p1\">\n<div class=\"ad-mpu ad-mpu-inline\">\n<div class=\"sleeve\"><a data-ad-id=\"161795\" href=\"http:\/\/www.constructionenquirer.com\/wp-content\/themes\/constructionenquirer\/adclick.php?url=https%3A%2F%2Fconcreteshow.co.uk%2F%3Futm_source%3Dconstruction-enquirer%26utm_medium%3Dbanner%26utm_campaign%3Dconstructionenq-ads\" onclick=\"track_ad_click(this);\"><img decoding=\"async\" src=\"http:\/\/www.constructionenquirer.com\/wp-content\/uploads\/ukcs 320x260 2019 NEW 2S.jpg\"\/><\/a><\/div>\n<\/div>\n<p class=\"iw\"><span class=\"ij\">It added that if the order was granted, it would trigger the immediate sale of Interserves&#8217;s business and assets to a newly-incorporated company owned by existing lenders.\u00a0 <\/span><\/p>\n<p class=\"iw\"><span class=\"ij\">This transaction would achieve substantially the same balance sheet and liquidity outcomes for the group as the Deleveraging Plan.<\/span><\/p>\n<p class=\"p1\">\n<div class=\"ad-mpu ad-mpu-inline\">\n<div class=\"sleeve\"><a data-ad-id=\"298010\" href=\"http:\/\/www.constructionenquirer.com\/wp-content\/themes\/constructionenquirer\/adclick.php?url=https%3A%2F%2Findd.adobe.com%2Fview%2Fb2581381-55f0-4d6c-90f1-3cb65aeeab7b%3F1\" onclick=\"track_ad_click(this);\"><img decoding=\"async\" src=\"http:\/\/www.constructionenquirer.com\/wp-content\/uploads\/Construction Enquirer MPU.gif\"\/><\/a><\/div>\n<\/div>\n<p class=\"iw\"><span class=\"ij\">&#8220;The alternative transaction will be implemented very quickly and via a carefully-managed process and the administration and sale is expected to be completed this evening, ensuring that the business will continue to operate as normal for customers and suppliers.\u00a0 <\/span><\/p>\n<p class=\"iw\"><span class=\"ij\">&#8220;It will provide the group with a strong financial position, allowing it to grow and develop the business, to deliver on its long-term strategy and protect the group&#8217;s employees (including the beneficiaries of the Group&#8217;s pension schemes).&#8221;<\/span><\/p>\n<p class=\"iw\"><span class=\"ij\">Interserve shares were immediately suspended from trading.<\/span><\/p>\n<p class=\"p1\">\n<div class=\"ad-mpu ad-mpu-inline\">\n<div class=\"sleeve\"><a data-ad-id=\"122945\" href=\"http:\/\/www.constructionenquirer.com\/wp-content\/themes\/constructionenquirer\/adclick.php?url=https%3A%2F%2Fwww.eca.co.uk%2Fwhy-the-eca%2Fclients-specifiers\" onclick=\"track_ad_click(this);\"><img decoding=\"async\" src=\"http:\/\/www.constructionenquirer.com\/wp-content\/uploads\/ECA-Specifier-300x250-blue.gif\"\/><\/a><\/div>\n<\/div>\n<p class=\"p1\">\n<div class=\"ad-mpu ad-mpu-inline\">\n<div class=\"sleeve\"><a data-ad-id=\"93789\" href=\"http:\/\/www.constructionenquirer.com\/wp-content\/themes\/constructionenquirer\/adclick.php?url=https%3A%2F%2Fwww.constructionline.co.uk%2Fevents%2F\" onclick=\"track_ad_click(this);\"><img decoding=\"async\" src=\"http:\/\/www.constructionenquirer.com\/wp-content\/uploads\/Constructionline-MTB-GIF.gif\"\/><\/a><\/div>\n<\/div>\n<p>from Construction Enquirer https:\/\/ift.tt\/2W4kp8K<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Interserve shareholders have rejected the proposed rescue plan leaving the board now set to file for administration today. Around 60% of the votes cast rejected the proposed debt for equity swap, which would have given lenders 95% of the business and left shareholders with just 5%. Interserve&#8217;s board of directors is now holding an urgent [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":149,"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-4062","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\/4062","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=4062"}],"version-history":[{"count":1,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/4062\/revisions"}],"predecessor-version":[{"id":4063,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/4062\/revisions\/4063"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/media\/152"}],"wp:attachment":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/media?parent=4062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/categories?post=4062"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/tags?post=4062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}