The chairman of ailing government contractor Interserve has issued a stark warning that the company will run out of money and collapse into administration if shareholders do not back a rescue deal that will be put to them on Friday.
The debt-laden company, which has thousands of government contracts to clean hospitals and serve school meals, is at the centre of a standoff between creditors and shareholders over its future. Its precarious position comes a year after the collapse of fellow outsourcer Carillion, a saga that has cost the taxpayer an estimated 150m.
I am very worried, said Glyn Barker, its chairman, in a weekend interview before the crunch vote on its financial restructuring. Weve got nowhere to go we run out of money and t…
Read the full article at: https://www.theguardian.com/business/2019/mar/10/interserve-chief-warns-shareholders-back-us-or-lose-it-all