Eddie Stobart rescued from collapse

Shareholders of Eddie Stobart have approved a rescue plan from DBay Advisors.

One of Stobart’s largest shareholders, DBay Advisors will loan £55million through high-interest bonds of 18% and take control of the company. Because of the approval, the haulier will avoid breaking any banking agreements and avoid administration.

In return for the payment-in-kind (PIK) loan, DBay Advisors will increase its stake in Eddie Stobart to 51%. Not only will this prevent Eddie Stobart’s collapse, but it will also allow DBay to claim any money it makes, as debts are paid before shareholders see any payments.

 

Source: Uk Haulier

Eddie Stobart rescued from collapse

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