Date:Wednesday May 16 2007
The administrators of Leeds United have announced that there will be meetings with creditors at the club on July 1st to continue the CVA (company voluntary arrangement) process.
It is expected that all those involved will be voting to see if how things are going, and whether continuing is in the best interests of the club.
Richard Flemming, partner of joint-administrator KPMG Restructuring released a statement on the clubs website:
'At this meeting I will outline the proposal to sell the club to Leeds United Football Club Ltd and will also inform the creditors of any other matters which could influence their decision; such as details of the level of interest from other potential buyers of the club and indeed any alternative bids.
'Creditors will then be invited to vote on the proposal and any modifications that emerge.
'The proposed sale enables the club to survive and offers a minimal return to creditors. We know from preliminary discussions that the deal is supported by some of the larger creditors by value, however it still requires a majority of 75% to be approved.
'If the proposal is carried, the CVA process will move forward, which will involve agreeing the club's new ownership with the Football League and paying a dividend to creditors.
'If not, we will seek an alternative solution, and again request creditor approval.'
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Date:Wednesday May 16 2007
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