Interserve rebuffs rebel shareholder's alternative rescue plan

interserveplc1_430062

Battle over rival proposals hots up ahead of key vote next Friday

Interserve has poured cold water on attempts by its biggest shareholder to come up with an alternative rescue plan.

Coltrane Asset Management, the US hedge fund which owns just over 27% of the firm, sent the firm an updated proposal yesterday afternoon.

This would see creditors given just 55% of the business under a debt for equity swap rather than the 95% Interserve says they should have.

Already registered? Login here

To continue enjoying Building.co.uk, sign up for free guest access

Existing subscriber? LOGIN

 

Stay at the forefront of thought leadership with news and analysis from award-winning journalists. Enjoy company features, CEO interviews, architectural reviews, technical project know-how and the latest innovations.

  • Limited access to building.co.uk
  • Breaking industry news as it happens
  • Breaking, daily and weekly e-newsletters

Get your free guest access  SIGN UP TODAY

Gated access promo

Subscribe now for unlimited access

 

Subscribe to Building today and you will benefit from:

  • Unlimited access to all stories including expert analysis and comment from industry leaders
  • Our league tables, cost models and economics data
  • Our online archive of over 10,000 articles
  • Building magazine digital editions
  • Building magazine print editions
  • Printed/digital supplements

Subscribe now for unlimited access.

View our subscription options and join our community