Interserve plc’s Deleveraging Plan

Slaughter and May advised Hunter Kelly and Alan Hudson of Ernst & Young LLP as the administrators of Interserve plc (Interserve) which was put into administration by court order on Friday 15 March 2019.

The entry of Interserve into administration followed a decision by its shareholders at an EGM held that morning to reject a resolution which would have permitted a consensual implementation of the deleveraging plan which Interserve had developed.

Immediately upon its entry into administration, Interserve (in administration) completed the sale of substantially the whole of its business and assets to Interserve Group Limited as part of an administration sale. This sale provided an alternative route for implementation of the deleveraging plan, and its completion allows the Interserve group to continue to trade on a solvent basis, thereby preserving jobs and ensuring continuity of service.

A separate Slaughter and May team advised Interserve on the development and implementation of the deleveraging plan.

The team was composed by Restructuring partner Tom Vickers (Picture), Edward Couzens (associate), Rebecca Davies (associate); Corporate: Richard de Carle (partner), Mark Spiller (associate).

Involved fees earner: Edward Couzens – Slaughter and May; Rebecca Davies – Slaughter and May; Richard de Carle – Slaughter and May; Mark Spiller – Slaughter and May; Tom Vickers – Slaughter and May;

Law Firms: Slaughter and May;

Clients: Alan Hudson; Hunter Kelly;