THE creditors’ meeting scheduled for Tynecastle on Friday will be adjourned at the request of Ukio Bankas and Ubig, the two Lithuanian companies which hold the bulk of Hearts’ debt and own around 80 per cent of the shares.
But the vital date to decide on the proposed Company Voluntary Arrangement for the club remains next Friday, when both the creditors’ and the members’ or shareholders’ meetings will now be held consecutively.
“The meeting of creditors planned for 22 November has been adjourned at the request of the administrators of Ukio and Ubig, who require more time to consider the CVA proposal,” Bryan Jackson of Hearts administrators BDO explained.
“As Ubig’s appointment [of an administrator] was very recent and the administrator of Ukio is liaising with them over the proposal, it was decided that it would be sensible to allow them a further period to look at the details of the CVA document.
“The creditors’ meeting will now be held at 10am and the members’ (shareholders’) meeting at 12 [noon] on 29 November at Tynecastle.”
Jackson will still convene the creditors’ meeting at noon today and explain to any creditors who turn up that an adjournment has been agreed. Ukio and Ubig will then use the extra time to decide whether to accept the CVA proposed by BDO on behalf of the Foundation of Hearts, the united supporters’ organisation, which has been named the preferred bidder to take over the club.
Last night a spokesperson for the Foundation said that they accepted why the request for an adjournment had been made, and urged Hearts supporters to remain patient. “We note today’s news that the creditors’ meeting to consider a CVA tomorrow is to be adjourned at the request of the administrators of Ukio Bankas and UBIG,” the spokesperson said. “Whilst we understand this is an anxious time for everyone involved in Hearts, we fully
understand the request for the administrators to have more time to consider the proposal.
“The overall timescales do not change and we remain calm, steadfast and focused towards our objective. The continued
patience of the supporters is appreciated as we do all we can to get Hearts out of administration.”
Both meetings – creditors’ and members’ – need to agree on the CVA before the process of taking Hearts out of administration can begin. As the members’ meeting was originally scheduled for next Friday anyway, the date at which that process can begin has not changed. If next week’s meetings vote yes, there will be a 30-day cooling-off period before an agreement becomes final.