Creditors approve Giraffe and Ed’s Easy Diner CVA March 21, 2019 The operator of Giraffe and Ed’s Easy Diner has been given the green light for store closures today, as creditors voted through a major restructuring plan that puts hundreds of jobs at risk. Giraffe Concepts Limited, which gained the 75 per cent approval it needed from creditors in a vote this afternoon, is now set to [...]
City Moves for 20 March – who’s switching jobs at Crowell & Moring, Delta Capita and DWF? March 20, 2019 Who’s switching jobs today? Crowell & Moring Andrew Knight is joining Crowell & Moring’s London office as a partner in its corporate and financial services practices to strengthen the firm’s ability to advise clients on debt finance and asset-based lending.His practice focuses on international financial law in the context of asset-based lending, syndications, restructurings, loan [...]
Interserve wins £76m oil and gas contract despite falling into administration days ago March 18, 2019 An Interserve subsidiary has won a $100m (£76m) contract to carry out maintenance on oil and gas sites in Abu Dhabi, days after its parent company was forced into administration. The outsourcer will replace firewater pumps and liquid sulphur loading systems at offshore and onshore sites owned by Abu Dhabi National Oil Company (ADNOC). Read [...]
Outsourcer Interserve begins trading as a private company after shares suspended March 18, 2019 Government supplier Interserve has today embarked on a new chapter as a private company, after its shares were removed from the London Stock Exchange. The ex-FTSE 250 mainstay went into administration on Friday after shareholders rejected a plan to alleviate most of its £630m debt pile, which would have seen their collective stake in the [...]
Interserve’s top shareholder warns administrator against selling off to lenders March 12, 2019 Interserve’s largest shareholder has warned the outsourcer’s would-be administrator against arranging a pre-pack insolvency deal that would hand total control to the firm’s lenders, in the event the firm goes bust on Friday. Coltrane Asset Management, a US hedge fund that holds a 27.7 per cent stake in the outsourcer, has written to EY, which [...]
Pensions watchdog drops investigation into publishing giant Johnston Press March 11, 2019 The pensions watchdog has dropped its investigation into the sale of newspaper publisher Johnston Press. The Pensions Regulator (TPR) probe was launched in November after the publishing giant, which owned the I newspaper, The Scotsman and the Yorkshire Post, was sold to JPI Media out of “pre-pack” administration. Read more: Johnston Press administrator warns of [...]
Interserve wins over major shareholder as rescue deal vote looms March 7, 2019 A major shareholder has thrown its weight behind Interserve’s board in the their ongoing struggle for control of the outsourcer against US hedge fund Coltrane Asset Management, City A.M. can reveal. Aberdeen Standard Investments (ASI), which controls 4.6 per cent of Interserve’s shares, on Thursday endorsed the firm’s rescue deal designed to to stop it going into administration. [...]
Interserve inches closer to safety as second proxy adviser embraces rescue deal March 7, 2019 Interserve scored a second victory on Thursday in a long running feud with its biggest shareholder, Coltrane Asset Management, as Europe’s largest independent shareholder advisor backed a rescue deal designed to save it from administration. Pensions and Investment Research Consultants (PIRC) has followed another advisor, Institutional Shareholder Services (ISS), in throwing its weight behind the [...]
City Moves for 6 March 2019 – Who’s switching jobs at Muzinich & Co, Duff & Phelps and Mayer Brown? March 6, 2019 Today's City Moves includes movers and shakers from Muzinich & Co, Duff & Phelps and Mayer Brown. Muzinich & Co Muzinich & Co has announced that Archie Beeching has joined as director of responsible investing with immediate effect. In this newly-created role, Archie will focus on strengthening the ongoing integration of the firm’s environmental, social and [...]
Corporate insolvencies boost puts Begbies Traynor on track to meet expectations March 5, 2019 Corporate insolvencies rose by ten per cent in 2018, consultancy firm Begbies Traynor said in a trading update this morning, as it reported it was on track to meet full-year expectations. The restructuring firm announced it had seen a “good flow” of insolvency appointments in the three months to the end of January this year, [...]