Hearts Parent Company Creditors Agree Share Transfer
Wed 16th Apr 2014 | Football Club Administration
The creditors committee of Ukio Bankas has today agreed the transfer of its shareholding in Hearts of Midlothian FC to Bidco, the Ann Budge backed company taking over the club.
Bryan Jackson, joint administrator of Hearts and a business restructuring partner with BDO LLP, commented: “I am delighted that the creditors committee has today agreed the transfer of shares to Bidco. This is one of the final hurdles in the transfer of ownership of the club.”
“I would like to thank the creditors of both UBIG and Ukio Bankas for agreeing to this deal and also the patience and forebearing of Ann Budge and the Foundation of Hearts. I appreciate that many fans will have wondered whether this day would ever come but we have been working tirelessly on behalf of the club to make this deal work.”
“There is still some work to be done to conclude proceedings but we are now very close to a successful conclusion of the CVA.
“However, I would caution that there is a cooling off period for the consent for the UBIG creditors which ends on 28th April, although not one for Ukio as they have a creditors committee, and we are working to have the sale and purchase agreement concluded, hopefully, before the end of the season.”
Gintaras Adomonis, bankruptcy administrator of Ukio bank, commented: "The deal is very significant for us in several aspects. For the fans of Hearts this has been a very emotional and difficult period and we are happy that this has now been resolved in an amicable way.”
Image: Action Images / Craig Brough
Posted by: Aaron Gourley
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