Interserve administration move gets minister's blessing

摘要

The government this week gave its blessing to Interserve's administration, saying it has prevented the firm from going under completely. Last Friday's move put an end to a weeks-old running battle between the stricken contractor and its biggest shareholder. Interserve collapsed into a pre-pack administration just hours after US hedge fund Coltrane Asset Management led a shareholder rebellion against the board's proposed rescue plan that would have handed lenders 95% of the business and left shareholders hanging on to the remainder.