GERS CVA 'TO BE PUBLISHED' ON TUESDAY

Rangers administrators Duff and Phelps will send out a CVA proposal on Tuesday.

Last Updated: 28/05/12 at 21:16 Post Comment

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Rangers administrators Duff and Phelps have said they will send out a Company Voluntary Arrangement proposal on Tuesday.

The document had initially been due to go out last Monday and Duff and Phelps said at the weekend that it should be sent on Monday, but they have assured fans the process is on track.

Joint-administrator Paul Clark said in a statement on Monday night: "A formal notice of the CVA meetings will be sent to all creditors and shareholders of the club tomorrow providing further details of the CVA process.

"The proposal will offer the best return for all stakeholders given the position the club is in.

"If approved by the creditors, the CVA proposal will rescue the company and finally enable it to exit administration.

"Details of the CVA proposal have been finalised today and there has been additional consultation with certain stakeholders.

"We had hoped the results of this consultation would have enabled us to publish the proposal today but administrative alterations mean the document will be published tomorrow.

"Rangers supporters should be reassured the CVA process is on track. The creditors' meeting to consider, and hopefully approve, the CVA will be held on Thursday 14 June."

Creditors need at least two weeks to consider the proposal with a 75% majority needed to pass the plan. There would then be a further 28-day cooling-off period after the creditors' meeting before Rangers could come out of administration.

The fate of any offer effectively lies in the hands of both investment firm Ticketus, who are owed £26.7million, and Her Majesty's Revenue and Customs, who are due at least £14million but potentially several times more.

Green's offer pledged £8.5million with another £3.5million coming from transfer fees due to the club. Litigation over Craig Whyte's takeover deal could provide further funds at a later date.

The delays mean Green's group could have to fund a £1million-plus monthly trading loss when the players revert to their normal wages on Friday after accepting cuts of up to 75% for three months.

Rangers are also open to losing key players for reduced fees after the transfer window opens, also on Friday, as several negotiated exit clauses in their varied contracts.

The Blue Knights consortium, who saw their offer for the club rejected, claimed a CVA needed to be sent out on May 12 when they withdrew from the process 24 hours earlier.

Former Rangers director Paul Murray said then: "We see the only way forward for the club is to effect a CVA and unfortunately time has run out.

"There is no time left to effect a successful CVA and to exit the club in a healthy capacity from that process."

If no CVA is agreed, Green plans to push through a newco purchase of the assets which would leave him needing to apply to the Scottish Premier League to take the current club's place in the competition.

Meanwhile, the administrators have another deadline to work towards after it emerged they were handed an extension by the SPL over financial disclosure requirements.

Rangers, whose debt could top £134million when a tax tribunal is decided, have not produced audited accounts, which were due by the end of 2011.

An SPL statement read: "Rangers FC made an application for a period of grace in terms of SPL Rule A2.7 in which to provide certain documents required by the SPL financial disclosure requirements.

"The SPL board granted a period of grace until Friday, June 15, 2012 for the documentation to be provided. The matter will be reviewed further at that time."

Rangers face more key events in the next 48 hours with their legal challenge against the Scottish Football Association's 12-month transfer ban due to continue in the Court of Session in Edinburgh on Tuesday.

SPL clubs gather the following day for a meeting where they are scheduled to decide on financial fair play proposals, although a vote has been adjourned twice previously.

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