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15 Mar 8:50am

Interserve to go into administration after rescue deal rejected

The Guardian
Ownership will fall to lenders but company can continue trading and operating public services Government contractor Interserve is to go into administration after its largest shareholder, the US hedge fund Coltrane, led a rebellion against financial restructuring plans drawn up by the company’s lenders. The result of the vote, held at an emergency meeting of shareholders, fires the starting gun on a “pre-pack” administration of the company likely to be completed by the end of the day. Interserve has thousands of government contracts such as hospital cleaning, school meals and maintenance of military bases in the Falklands. It also operates the probation service.
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