Hearts avoid liquidation.

Shower of ****s managed to save that rotten ****ing club.


Heart of Midlothian are to begin the process of exiting administration after a major creditor agreed to proceed with a CVA.The administrator of Ukio Bankas, Valentas UAB, has agreed in principle to accept an offer from preferred bidder Foundation of Hearts.

The consent of the Ukio Bankas creditors' committee, or the Lithuanian courts, must be secured before the deal can be rubber-stamped.

Administrators to UBIG, who hold just under 50% of the shares, will be appointed on Thursday, but the CVA can start to be pushed through in the meantime. Ukio Bankas hold 29.5% of the shares in Hearts and have a claim over Tynecastle Stadium.

Bryan Jackson of BDO, a joint administrator of the club, confirmed the Foundation offer was to be accepted.

He said: “This is positive news as it means that we can progress the CVA process immediately by initiating meetings of the creditors and shareholders.

"We will also be able to begin the formal acceptance of the Foundation of Hearts bid and legally agree terms.”

“I would urge caution however that, although this is a further step in the right direction, there is still some way to go. There are a number of issues to be clarified and concerns addressed but we are at least progressing once more.”

Gintaras Adomonis, bankruptcy administrator of AB Ukio Bankas said that the hard work of the Hearts support had been influential in the decision to progress a CVA.

He said: “The zeal and tenacity of the fans have persuaded us that the process of CVA should be launched as soon as possible by the administrators of Heart of Midlothian FC. We are still far away from the end of the legal process which we all shall endure, but this is a step forward nevertheless.”

Mr Jackson added that support from the fans was still needed in the weeks ahead.
He said: “Although I am sure the fans are sick of hearing this I cannot stress enough how important it is that they continue their extraordinary support for their club.

"The fans, the staff, the players, the management and the FoH have all been outstanding over the last few months in keeping the club going but it needs to carry on.

"We still need to keep fans coming to matches, and money flowing through the club to ensure that we have sufficient funds to push the CVA process forward.”

 

Some comfort.

 

Oh aye....

 

Tje only thing getting styled was Ajax

 

I'm not sure what happens to my bet if they can't fulfill their fixtures, so I'm cheering on a survival but a relegation. Being able to buy new players in January if they come out of admin will be a kick in the baws though.