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INTERSERVE AGREES RESCUE PLAN WITH CREDITORS

Interserve, one of the largest providers of FM services in the UK, has reached a deal with creditors to avert collapse, according to a statement issued by the group.

Following its 21st December 2018 announcement, the board has now provided further details on its deleveraging plan. 

The plan is expected to result in Interserve Group’s ‘pro forma net debt reducing to circa £275m achieved the issuing circa £480m of new Interserve equity’. 

The proposal has been achieved following a long period of intensive negotiation and has the support of the company’s financial stakeholders and the government. 

Debbie White, CEO of Interserve, said: “Agreeing the key commercial terms of the deleveraging plan with our lenders, bonding providers and Pension Trustee is a significant step forward in our plans to strengthen the balance sheet. The board believes that this agreement will secure a strong future for Interserve.”

According to the BBC, Interserve had a market value of £500m in 2017. That value is now estimated at £17m. 

Interserve expects to launch the finalised deleveraging plan in the next few weeks and will be subject to approval by the company’s shareholders.

The company's statement added: "Whilst Interserve's objective remains to implement a fully consensual transaction, Interserve is also actively preparing alternative plans to ensure the proposed transaction can be implemented in the event that shareholder approval is not forthcoming."

https://www.interserve.com/ 

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