BusinessBusiness RecoveryBegbies administrators agree CVA at Port Vale FC

Begbies administrators agree CVA at Port Vale FC

Administrators receive 87% of creditor vote to rescue collapsed club

Begbies administrators agree CVA at Port Vale FC

BEGBIES TRAYNOR administrators have managed to agree a rescue deal for collapsed football club Port Vale.

Bob Young, Gerald Krasner (pictured) and Steve Currie, partners at Begbies Traynor were appointed joint administrators of the club on 9 March 2012.

The trio managed to agree a Company Voluntary Arrangement (CVA) of the club which was approved yesterday.

A CVA needs 75% or more of creditors by value of debt to approve the deal. About 87% of Port Vale creditors approved the proposed CVA.

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