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Lenders Assume Control of Interserve

15.03.2019, 19:29

Lenders Assume Control of Interserve

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.

CAMFIL HVAC Filtration Solutions

Staff Reporter

FMIndustry.com covers the latest news, trends and opinion from the facilities management (FM) and corporate real estate (CRE) sectors. The FM market is currently estimated to be worth USD 1 trillion annually and is projected to grow at a compounded annualised rate of approximately 5% between now and 2026.

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