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SBD Global/February 4, 2014/Franchises

Scottish Premiership Side Heart Of Midlothian's CVA Agreement Set To Be Completed

Administrators for UBIG have confirmed that they "are set to transfer" all of their 78.97% shareholding in Scottish Premiership side Heart of Midlothian to the Foundation of Hearts-backed company Bidco, "which will see the conclusion of the club's CVA agreement," according to THE SCOTSMAN. The transfer to Bidco, agreed upon for an undisclosed sum, is expected to be completed within a timescale of "eight to ten weeks," subject to ratification by Lithuanian creditors and courts. The deal "will see Hearts exit administration and come under the control of Foundation of Hearts after a lengthy process of negotiation" (THE SCOTSMAN, 2/3).
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