Interserve needs a good plan B, given the rebellion to its current plan Nils Pratley

A sizeable number of shareholders are lining up to vote down
their own demise

The board of Interserve, the large but ailing government
contractor, knew it would struggle to persuade shareholders to vote
for their own demise, which is an almost-accurate description of

the proposed £480m debt-for-equity rescue
in which the banks
would take control and current investors would be diluted to just
2.5% ownership.

Sure enough, the rebellion is on. New York-based hedge fund
Coltrane was first out of the traps last week, declaring it wants
to vote out Interserve’s entire board except the chief executive.
It aims to install two new directors who, presumably, would be told
to take a more robust approach to protecting shareholders’
interests.

Source: FS – All-News2-Economy
Interserve needs a good plan B, given the rebellion to its current plan Nils Pratley