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Good news for Port Vale as creditors approve CVA 26 April 2012

Port Vale administrators Bob Young, Gerald Krasner and Steve Currie of Begbies Traynor have confirmed their proposals for a CVA have been approved by the majority of creditors.

At a creditors’ meeting held this morning, the administrators’ proposal was approved by over 90% of the creditors and the CVA by 87%.

The news paves the way for the transfer of Football League shares which the administrators anticipate will take place before the end of June.

On announcing the news, the administrators also confirmed a reduction of £5 on the final home game tickets against Oxford United this weekend, although the reduction will be limited to home fans only.

Since the club was put up for sale, the administrators had confirmed ‘strong’ interest from six separate buyers to acquire the club.

Stoke-on-Trent City Council made the formal administration application after the Staffordshire side missed a monthly installment of a loan repayment to the authority. Vale was subsequently placed under a transfer embargo for failing to pay this installment.

Vale had also been hit with a winding-up petition from HM Revenue and Customs (HMRC) over unpaid taxes.
At the time council leader Mohammed Pervez said: “The stark choice we were faced with was liquidation or administration.

“Liquidation would have seen the immediate end to Port Vale and 130 years of football history with strong community links across the city.”

 

 

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