黑洞社区

Interserve鈥檚 largest shareholder has unveiled a new proposal to rescue the contractor as it continues to fight Debbie White鈥檚 deleveraging plan.

Coltrane Asset Management, which owns a 27% stake in the contractor, wants creditors to take just 55% of equity in Interserve in exchange for writing down 拢435m of its debt.

Under the plan shareholders would hold on to a 7.5% stake in the firm, with a further 37.5% equity in Interserve created through a 拢110m rights issue 鈥� which Coltrane has offered to fully underwrite.

The proposal comes as shareholders prepare for a crunch vote in 10 days on whether to accept the agreement Interserve鈥檚 management, led by Debbie White, agreed with its lenders.

White needs 50% of shareholders to consent to the package, which would see creditors take a 95% stake of the firm in exchange for a 拢435m debt write-down.

Shareholders would see their stake diluted into a collective 5% equity in Interserve.

Source close to Coltrane say the offer of an underwritten rights issue provides Interserve鈥檚 management with a way to raise cash and stave-off a liquidity crisis, removing the threat from creditors to plunge the contractor into administration.

In a bid to pressure shareholders to vote for White鈥檚 deal, Interserve鈥檚 lenders are understood to have lined up EY for a potential administration of the contractor 鈥� an outcome which would completely wipe out existing shareholders.

On 26 March shareholders will vote on Coltrane鈥檚 proposed rescue settlement, as well as another motion by the New York-based hedge fund calling on Interserve鈥檚 entire board, minus White, to stand down. 

In statement responding to Coltrane鈥檚 latest proposal, Interserve said: 鈥滱 further announcement will be made in due course. In the meantime, the board remains committed to achieving a consensual deleveraging plan.鈥�