Hearts’ administrators are waiting anxiously to learn if the Ukio Bankas creditors’ meeting will go ahead later this week.
After successfully securing the transfer of Ubig’s 50 per cent shareholding in the club last week, the Jambos just need a positive vote on the transfer of Ukio’s 29.5 per cent shareholding in order to emerge from administration.
While Ukio provisionally agreed to accept Foundation of Hearts’ CVA offer back in November, the delay in officially sealing the deal has started to cause concern for BDO, Hearts’ administrators, with club funds due to run out imminently.
Bryan Jackson and Trevor Birch of BDO were in Lithuania last week to negotiate with Ukio administrators and try to hurry the process along, and they are ready to return to Eastern Europe at a moment’s notice as soon as they get word that the vital creditors’ meeting will go ahead.
Lithuanian administrators hope it will take place this week, although it remains unclear whether or not that will be the case.