A MEETING of Hearts’ creditors scheduled for tomorrow at Tynecastle has been adjourned for seven days at the request of Ukio Bankas and Ukio Bankas Investment Group (UBIG).
Both Lithuanian companies claim they need more time to assess the situation ahead of a proposed vote on a Creditors’ Voluntary Arrangement (CVA), which would allow Hearts to exit administration if accepted.
Ukio are owed £15.5million by Hearts, with UBIG due £8.2m of the club’s total £28.5m debt. Both are themselves insolvent and their administrators have asked BDO - the administrators in charge at Hearts - to adjourn the creditors’ meeting for a week.
The creditors’ meeting will now take place next Friday, November 29, at 10am. A scheduled shareholders’ meeting will still take place immediately afterwards at 12pm.