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SBD Global/October 29, 2013/Franchises

Scottish Premiership Heart Of Midlothian Eager To See Ubig Bankruptcy Confirmed

Foundation of Hearts Chair Ian Murray "is hopeful a 'massive' week for the embattled Tynecastle club" began Monday with Ubig finally "being declared bankrupt," according to Alan Temple of the SCOTSMAN. The ruling "had been due to be made last Thursday, but a third successive delay to proceedings in Lithuania meant a frustrating wait for the fans’ group, who are preferred bidders for the club, and administrators BDO." A hearing "is now expected to take place at Kaunas District Court" Monday which will see the fallen investment giants -- which hold around 50% of the shares in Hearts as well as £8.2M ($13.2M) of their total £28.4M ($45.8M) debt -- "declared bankrupt." That will allow BDO "to begin the process of negotiating with whichever insolvency practitioner is appointed to run Ubig’s affairs; a pivotal step as they work towards a company voluntary arrangement." They "have already been boosted by last week’s news that Ukio Bankas" -- the club’s largest creditor with £15.5M ($25M), as well as a 29.9% shareholding and security over Tynecastle Stadium -- has "agreed in principle to back a CVA." Murray "is praying the meeting goes ahead, insisting the pattern of delays in Lithuania could become a concern" (SCOTSMAN, 10/28).
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