Interserve goes into administration after financing rescue plan failure
Interserve has gone into administration after its deleveraging plan was rejected at a crucial shareholder meeting.
US hedge fund and the company's largest shareholder, Coltrane, has led a rebellion against the financial rescue plans. Because of this, about 16,000 small shareholders have lost their investment with the company sold to hedge fund and banks on a "pre-pack" administration. Interverse can still continue the trading amidst the shake-up. The company and Cabinet Office assure that: there would be no disruption to the public service that Interserve manages, job losses were not expected in the short term and the pension scheme is protected.
Interserve is a government contractor in the UK for various projects including hospital cleaning, school meals, and maintenance of military bases in the Falklands. The company also runs parts of the probation service.
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