Begbies administrators agree CVA at Port Vale FC
Administrators receive 87% of creditor vote to rescue collapsed club
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.