Interserve taken over by creditors

 

Interserve has been taken over by its lenders after it collapsed as a public company.

The completion of the sale to a newly incorporated company to be controlled by the Group's lenders has been carried out.

'A deleveraging transaction will now be implemented, and is expected to complete shortly after the sale of the Group, and will involve the equitisation of approximately £485m of existing debt and £110m of additional liquidity,' the group said in a statement.

It also claimed that it would be 'business as usual for employees, customers, suppliers, and other stakeholders'.

The creditors - including HSBC and Royal Bank of Scotland - said the new entity will have 'a strong balance sheet, competitive financial structure and a fundamentally solid foundation from which to deliver on its long-term strategy'

Debbie White, chief executive officer, Interserve Group said: 'With a stronger financial platform in place, Interserve will be able to concentrate on delivering value for our customers.

'The Group's transformation programme will continue, focused on improving our value propositions for customers, standardising our operational delivery, making Interserve simpler and more efficient through our Fit for Growth initiatives, and embedding a culture of ownership and openness throughout the Group.

'Interserve is fundamentally a strong business and with a competitive financial platform in place we see significant opportunities ahead as a best-in-class partner to the public and private sector.'

The ordinary shares were suspended at 12.35 p.m. today and cancellation of sales is expected to take place at 8.00 a.m. on 18 March 2019.

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