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Stobarts a case in point ?
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<blockquote data-quote="beef 1" data-source="post: 6672994" data-attributes="member: 28326"><p>Eddie Stobart shareholders have approved a rescue plan for the truck company, staving off possible collapse.</p><p>One of the firm's largest shareholders, DBay Advisors, will lend it £55m through high-interest bonds and assume control of the haulier.</p><p>Shareholders voted "overwhelmingly" for the deal, <a href="https://www.investegate.co.uk/eddie-stobart--esl-/rns/results-of-general-meeting---proposed-transaction/201912061223190801W/" target="_blank">the company said</a>.</p><p>It means the company will avoid breaking its banking agreements and will not face administration.</p><p>Under the plan, in return for the £55m loan DBay will increase its stake in Eddie Stobart Logistics to 51%, but will charge the company an interest rate of 18% for the loan.</p><p>This will hand DBay control of the haulier as well as a stronger claim to any money it makes, as debts are paid before shareholders see any payments.</p><p>The loan is a so-called payment-in-kind (PIK) loan, an unusual type of borrowing which last came to public prominence during the controversial takeover of Manchester United by the Glazer family.</p><p></p><p>****Before this rescue takes place , neither of the two original directors A Tink and Will S are part of this company .</p><p>and Stobart Rail, Air and W A Dev, are not part of this transport and logistics sidearm .</p></blockquote><p></p>
[QUOTE="beef 1, post: 6672994, member: 28326"] Eddie Stobart shareholders have approved a rescue plan for the truck company, staving off possible collapse. One of the firm's largest shareholders, DBay Advisors, will lend it £55m through high-interest bonds and assume control of the haulier. Shareholders voted "overwhelmingly" for the deal, [URL='https://www.investegate.co.uk/eddie-stobart--esl-/rns/results-of-general-meeting---proposed-transaction/201912061223190801W/']the company said[/URL]. It means the company will avoid breaking its banking agreements and will not face administration. Under the plan, in return for the £55m loan DBay will increase its stake in Eddie Stobart Logistics to 51%, but will charge the company an interest rate of 18% for the loan. This will hand DBay control of the haulier as well as a stronger claim to any money it makes, as debts are paid before shareholders see any payments. The loan is a so-called payment-in-kind (PIK) loan, an unusual type of borrowing which last came to public prominence during the controversial takeover of Manchester United by the Glazer family. ****Before this rescue takes place , neither of the two original directors A Tink and Will S are part of this company . and Stobart Rail, Air and W A Dev, are not part of this transport and logistics sidearm . [/QUOTE]
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Stobarts a case in point ?
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