Leeds United creditors have been offered an improved deal by Ken Bates’
consortium, as the deadline for the approval of the CVA approaches.
The offer to creditors has been raised to eight pence in the pound, up to 38p
if the club is promoted to the Premier League over the next ten years.
The period by which creditors could appeal the CVA proposal ends at 4pm
Reports have suggested that major creditors such as HM Revenue & Customs
were considering opposition to the earlier deal, which offered them a penny in
the pound, but no opposition has been lodged so far.
Leeds United joint administrator Richard Fleming, a KPMG partner, said: ‘I am
delighted that the process we have undertaken has resulted in a potential return
to creditors of up to 38p in the pound, in addition to saving 500 jobs and a
major football club.’
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children