Andronikou Proposes CVA

26 May 2010 06:29
Creditors offered 20% of what they are owed. 75% of Pompey's unsecured creditors will have to accept 20% of what they were owed if the club are to secure a Company Voluntary Agreement and exit administration.The CVA proposal will be sent to the creditors in the next 24 hours with the "20p to the pound" payments due over a period of five years.The big date seems to be Friday, June 18th as Andronikou has planned a creditors meeting to hold a vote where everyone owed, including HMRC, will decide whether or not to accept the proposal.If less than 75% of the creditors accept the CVA then it is extremely likely that the Football League will slap a points deduction on Pompey of 10-17 points, making a relegation battle a certainty.


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