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Hearts administration: CVA set to be completed

Hearts are just weeks away from being formally taken over by Foundation of Hearts. Picture: TSPL

Hearts are just weeks away from being formally taken over by Foundation of Hearts. Picture: TSPL

ADMINISTRATORS for UBIG have confirmed they are set to transfer all of their 78.97 per cent shareholding in Hearts to the Foundation of Hearts-backed company Bidco which will see the conclusion of the club’s CVA agreement.

The transfer to Bidco, agreed for an undisclosed sum, is expected to be completed within a timescale of “eight to ten weeks”, subject to ratification by Lithuanian creditors and courts.

The deal will see Hearts exit administration and come under the control of Foundation of Hearts after a lengthy process of negotiation.

A statement released by Hearts today read: “Since the CVA was agreed on the 29th November BDO LLP has been liaising extensively with the Lithuanian administrators and these negotiations have now reached a successful conclusion.”

Bryan Jackson, joint administrator of Hearts and a business restructuring partner with BDO, said: “This is welcome news for the club as it means that the transfer of ownership can go ahead. While there remain some technical issues to resolve the process is now gaining some momentum.

“I would again like to thank the fans, the staff and the players for their continued patience during this time. For all of those involved with Hearts, on and off the pitch and on the terraces, it has been a very difficult period and their assistance and support has been greatly appreciated.”

 

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