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Lenders Assume Control of Interserve

15 March 2019 / by FM Editor (author) / London
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The assets of FTSE 250 outsourcer Interserve have been transferred to a new company owned by a consortium of creditors after the international support services and construction firm called in administrators on Friday.

 

The move which removes the risk of a Carillion-style collapse and secures up to 65,000 jobs worldwide in the short term, follows the rejection by shareholders of a rescue plan that would have deleveraged an estimated £485 million of debt and injected £110 million of fresh working capital.

 

Interserve Chief Executive, Debbie White, is expected to be retained by the new company which is owned by major banks and hedge funds, including RBS, HSBC, Cerberus, Emerald Asset Management and Davidson Kempner Capital.

 

FM Editor

Author

FM Editor

FM Industry (www.fmindustry.com) is a popular online destination for facility and corporate real estate professionals. The website is operated by the editorial team at Facilities Management Magazine™ ("FM Magazine"), the oldest independent periodical in the global facility services sector. Now published in three geographical regions, FM Magazine was the first publication to launch a facilities management title for the Middle East market in 2005 (when it was also invited to chair the region's first Green Building Conference on behalf of the Government of Dubai). FM Magazine [GCC Edition] is now incorporated into the publication's new EMEA edition.

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