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15.03.2019, 19:29

Lenders Assume Control of Interserve

Company News, EMEA, Service Provider News

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.

 

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