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Further delay for Hearts sale

The takeover of Heart of Midlothian has been delayed after a court hearing to appoint administrators to former parent company UBIG was postponed.

Last Updated: 24/10/13 at 17:50 Post Comment

Hearts: Further delay to sale of club after court postponement in Lithuania

Hearts: Further delay to sale of club after court postponement in Lithuania

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Kaunas District Court was expected to appoint bankruptcy administrators to the insolvent company on Thursday but that has been put back until next week at the earliest.

Hearts administrators BDO have stressed that they do not believe the latest delay will have a lasting impact on the sale of the club.

A spokesman said: "It's disappointing that the hearing has been delayed but it's only a short delay.

"It doesn't change anything in terms of what we are going to do. We will just carry on regardless.

"When the hearing happens, it happens. It's not going to stop us from starting the process of taking the club out of administration."

UBIG, which holds just under 50% of the shares in Hearts, had its assets frozen in April after declaring insolvency.

The sale of Hearts, which entered administration in June, cannot be completed until the situation with UBIG has been resolved.

Earlier this week, BDO initiated the process of putting together a company voluntary arrangement offer to creditors.

Fans group the Foundation of Hearts remain the preferred bidder for the 139-year-old club.

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