Interserve could go into administration on Friday as the outsourcing group fights to win support for a restructuring plan before a crunch vote.
Shareholders will give their verdict at an emergency meeting on Friday on a proposal put forward by banks and hedge funds, which have offered to forego 485m of the companys 631m debt in return for most of its equity, leaving existing investors with just 5% of the shares.
The Reading-based Interserve employs nearly 45,000 people in the UK and manages a host of public services. It is the largest provider of probation and offender rehabilitation services in England and Wales, and has thousands of government contracts that range from hospital cleaning and school meals provision to maintaining milita…
Read the full article at: https://www.theguardian.com/business/2019/mar/14/interserve-shareholders-vote-restructuring-plan-emergency-meeting