Interserve in rescue talks

Interserve, the international support services and construction group, has revealed that it is seeking a rescue deal.

The company said that it has “engaged in constructive discussions regarding the agreement and implementation of a deleveraging plan,” though “the form of the deleveraging plan remains to be finalised.”

Interserve is to announce its finalised deleveraging plan in early 2019.

Debbie White, CEO of Interserve, said: “We are making good progress on our deleveraging plan which we expect to announce early in 2019. Our lenders are supportive of the deleveraging plan which will underpin the long term future of Interserve.

“Our refinancing in April of this year contemplated the development of a deleveraging plan in consultation with our stakeholders and the liquidity injected at that point also gave us the funding to execute our business plan.

“Our discussions with our lenders are a positive step in the process that was agreed as part of the April refinancing. The Cabinet Office has also expressed full support for the work we are doing to implement our long term recovery plan.

“The fundamentals of our business remain strong. The deleveraging plan will give Interserve a strong long term capital structure and provide a solid foundation on which to build the future success of the Group.”