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Creditors Meeting Set For June 14th


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Might as well post homepage article in this thread.

Creditors Meeting Set For June 14th

As expected today, the CVA proposal has finally been sent to all creditors and shareholders of Rangers Football Club.

Joint administrator, Paul Clark, released the following statement on the official website this evening;

"A formal notice of the CVA meetings will be sent to all creditors and shareholders of the Club tomorrow providing further details of the CVA process.

The proposal will offer the best return for all stakeholders given the position the Club is in. If approved by the creditors, the CVA proposal will rescue the Company and finally enable it to exit administration.

Details of the CVA proposal have been finalised today and there has been additional consultation with certain stakeholders. We had hoped the results of this consultation would have enabled us to publish the proposal today but administrative alterations mean the document will be published tomorrow. Rangers supporters should be reassured the CVA process is on track. The creditors' meeting to consider, and hopefully approve, the CVA will be held on Thursday 14 June."

Can we now start to dream about exiting administration?

It must be remembered that acceptance of the CVA proposal, does not mean that Rangers automatically exit administration. There is a twenty-eight day cooling off period, where essentially major creditors - HMRC and Ticketus - have the opportunity to change their mind.

With regards to the CVA proposal itself, as per the statement above, there are no details available at this stage, but it would definitely appear that work has been going on right to the last minute.

Whether or not the CVA proposal will be accepted, is an entirely different matter. The obssessive enemies will say it won't, I am more inclined to say it will, but wouldn't put money on it.

Regardless, today is another huge positive step on the path to surviving this financial hell.

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