Interserve’s shares have been suspended and it faces the prospect of a pre-pack administration as early as this evening after its shareholders rejected a rescue plan backed by the board and the company’s lenders.
The result follows a crunch general meeting earlier today, which saw 59.4% of shareholders vote against the plan.
Interserve said its directors would now apply for the company to be placed into administration.
In a statement to the City it said: “In the absence of any viable alternative, it expects to implement an alternative deleveraging transaction, which is likely to involve the company making an application for administration and, if the order is granted, the immediate sale of the company’s business and assets (i.e. the entire group) to a newly-incorporated company, to be owned by the existing lenders.
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