{"id":53886,"date":"2019-03-13T09:58:09","date_gmt":"2019-03-13T09:58:09","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=53886"},"modified":"2019-03-13T09:58:09","modified_gmt":"2019-03-13T09:58:09","slug":"interserve-coltrane-restructuring-proposal","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/interserve-coltrane-restructuring-proposal\/53886\/","title":{"rendered":"Interserve in final restructuring discussions with Coltrane"},"content":{"rendered":"

Interserve<\/a> has confirmed that it is in final discussions with shareholder Coltrane<\/a> to establish a basis on which the company would support its restructuring proposal<\/h2>\n

The last-ditch attempt by Interserve comes after Sky News <\/em><\/a>revealed that Coltrane had told the company\u2019s administrator that it may seek to buy its assets.<\/p>\n

According to Sky News<\/em>, Coltrane Asset Management has hired Enyo Law, a specialist disputes firm, to represent it ahead of a final vote on Friday (15 March) that will determine whether Interserve can secure a solvent restructuring.<\/p>\n

The Sunday Times<\/em><\/a> also reported at the weekend (9 March) that Coltrane was preparing legal action against the outsourcer’s directors.<\/p>\n

In response to Sky News\u2019<\/em> claims, Interserve has said it is in discussions with Coltrane and its lenders to establish the basis on which Coltrane would support the company’s restructuring proposal.<\/p>\n

The statement also read: \u201cAlthough the board is seeking to improve the position of all shareholders, there is no certainty that it will be able to do so in the very limited time available.<\/p>\n

\u201cThe only proposal which is currently capable of being implemented is the recommended Deleveraging Plan<\/a> through which, inter alia, shareholders will retain 5% of the equity of the restructured Interserve with the ability to acquire further equity through the open offer.\u201d<\/p>\n

Coltrane holds a stake of around 27% and is allegedly seeking to oust most of Interserve’s board. Sky News <\/em>also revealed it intends to vote against the restructuring proposal without a substantial improvement to the existing plan.<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

Interserve has confirmed that it is in final discussions with shareholder Coltrane to establish a basis on which the company would support its restructuring proposal.<\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[304],"tags":[676,283,13889],"stakeholder_rel_tag":[],"contributor_rel_tag":[],"class_list":{"0":"post-53886","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-planning-construction-news","7":"tag-construction","8":"tag-finance","9":"tag-tilbury-douglas"},"acf":[],"yoast_head":"\nInterserve in final restructuring discussions with Coltrane<\/title>\n<meta name=\"description\" content=\"Interserve has confirmed that it is in 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