Interserve could face £66m hit if shareholders reject rescue deal February 14, 2019 Debt-stricken outsourcer Interserve may have to stump up another £66m if its largest shareholder triumphs in a plan to thwart a rescue deal struck last week. The emergency refinancing package, designed to avoid it facing the same fate as Carillion, sparked ire among at least one-third of its shareholders, because it proposed all but wiping [...]
Interserve rescue plan: Shareholder rebellion grows as dissenting hedge fund recruits another supporter February 12, 2019 The hedge fund trying to thwart Interserve's rescue deal designed to avoid it facing the same fate as Carillion has attracted the support of another major shareholder. Last week Coltrane Asset Management, a 27 per cent shareholder in the firm, launched a bid to oust all members of the outsourcer's board except chief executive Debbie [...]
Interserve boss Dougie Sutherland steps down amid shareholder revolt February 12, 2019 Interserve director Dougie Sutherland is stepping down from the firm's board with immediate effect amid a bitter dispute over a proposed rescue plan for the outsourcing giant. Sutherland, who was appointed to the board in 2011, was a key player in the firm’s ‘fit for growth’ transformation plan and led Interserve’s developments division. Read more: [...]
Out of the frying pan, Inter-the fire: Will Interserve’s rescue deal go up in flames? February 10, 2019 Despite taking two months to thrash out a rescue deal, debt-stricken outsourcer Interserve’s future remains precarious. Where does it go from here? For the last eight weeks, suppliers and investors alike have held their breath, as chiefs at troubled outsourcer Interserve thrashed out a rescue deal with the firm’s lenders. The negotiations were a last-ditch [...]
Interserve directors face being pushed out as rescue deal finally surfaces February 6, 2019 Interserve shareholders have launched a controversial bid to oust eight senior directors after the firm announced the details of a rescue deal designed to avoid it facing the same fate as Carillion. After nearly two months of waiting, the struggling outsourcer this morning published details of the deleveraging plan designed to relieve the majority of [...]
Interserve shareholders jittery as firm homes in on debt-for-equity rescue deal February 4, 2019 Shareholders of debt-laden outsourcer Interserve were anxious this morning following reports it will announce the details of a long-awaited rescue deal this week. Interserve’s stock fell three per cent this morning after last night’s story that chief executive Debbie White was gearing up to finally reveal the refinancing terms with the firm’s lenders. Read more: [...]
Struggling outsourcer Interserve approaching finalised rescue refinancing deal with lenders February 3, 2019 Chiefs at debt-stricken outsourcer Interserve are nearing a rescue refinancing deal with the firm’s lenders to keep its head above water. The public sector outsourcing giant, which has been struggling with more than £600m debt, is due to announce it has reached an agreement with its banks in the next week, according to reports. Read [...]
Interserve washes its hands of first of four loss-making waste projects January 29, 2019 Troubled outsourcer Interserve is making headway in offloading a series projects which had a substantial hand in plunging the firm into more than £600m of debt. Today the public sector contracting giant said it has finally finished one of four plants which turn waste materials into energy, hailed as “an important milestone” for the firm. [...]
Kier Group negotiating sale of its housing maintenance business in a bid to reduce debt January 27, 2019 Kier Group, the troubled outsourcing company, is nearing an agreement to sell its housing maintenance division. The deal, if agreed, would be part of a previously announced plan to shore up the balance sheet of the construction and building services provider by selling non-core assets. Read more: Short sellers release pressure on construction outsourcing giant Kier [...]
A year on from Carillion: 12 months that brought outsourcing to its knees January 15, 2019 On the anniversary of Carillion’s dramatic collapse, two more public sector outsourcing giants, Interserve and Kier Group, are up against the ropes. In the intervening 12 months, outsourcers have lurched from one crisis to another, with profit warnings, massive project failures and revelations of systemic late payment of suppliers. City A.M. charts a year which [...]