Banks for Interserve have lined up a so-called pre-pack administration that will...
FILE PHOTO: The Interserve logo is seen on a flag at Interserve offices in Twyford, Britain January 17, 2018. REUTERS/Peter Nicholls/File Photo
Seeking to avoid a collapse like rival Carillion, the plan would come into force if investors reject Interserve’s debt-for-equity swap at a vote on Friday. A pre-pack administration enables the company to sell itself or its assets before it appoints administrators who take over the running of the business to protect creditors.
However its biggest shareholder Coltrane Asset Management has objected to the deal and a vote will take place on Friday.
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