Coltrane, the US hedge fund threatening to scupper a rescue of struggling outsourcer Interserve this week, has rebuffed board attempts to engage with it since December by refusing to sign confidentiality agreements, the Standard understands.
Interserve, which employs 68,000 people and is led by chief executive Debbie White, saw its shares fall another 9%, or 1.3p, to 13.3p today as it races to avert a Carillion-style collapse.
It will be forced into pre-pack administration with all shareholders wiped out this Friday unless shareholders back a plan to convert most of its £632 million debt into equity, leaving existing shareholders with just 5% of the new shares.
Coltrane, which owns 28% of the firm’s bombed-out equity, has come up with alternative proposals which would see it underwrite a £110 million rights issue that leaves current holders with 37.5% of the stock.
But the Standard understands Coltrane has repeatedly refused to enter into non-disclosure agreements to begin work on due diligence for its plans. “It shows a lack of seriousness,” said one City source.
Sources close to Coltrane said the reason it had not signed a non-disclosure agreement was a condition of signing was it was not allowed to make counter-proposals.
Interserve insiders deny this, saying it had “never heard back” from Coltrane since December.
Both declined to comment.
