Portsmouth offers creditors 20 per cent deal 27/05/2010 |
|
| |
| |
Portsmouth has offered to pay its creditors 20 pence in every pound it owes, the club's administrator has revealed.
The Company Voluntary Agreement (CVA) proposal will be sent to creditors today (May 27) and if accepted will allow Portsmouth to exit administration.
The 20 pence offer is payable over five years, with 75 per cent of unsecured creditors needing to support the CVA.
Administrator Andrew Andronikou told BBC Sport: "We hope to hold a creditors meeting to vote on the CVA on June 18.
"We've had a dialogue with the major creditors, including Her Majesty's Revenue and Customs, to prepare the groundwork."
If the CVA is accepted, that would see all of the club's debts settled at a reduced rate over the coming years.
Last month, Portsmouth's administrators revealed that the relegated Premier League club's debts were £119m.
|
| Back |
| |
| |
|
|
 |
Advertisement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
