Interserve’s £66m threat

CRISIS- hit contractor Interserve could be stung for £66m by lenders if its largest shareholder thwarts last week’s rescue deal.

The money will be paid under a contractual agreement with creditors if a plan to save the cash- strapped company falls apart.

Lenders have agreed to write off £300m of debt in exchange for shares. This would hand 97.5pc of the stock to organisations it owes money to.

But the plan sparked fury at US hedge fund Coltrane Asset Management, Interserve’s largest investor with 27pc. It has demanded a shareholder vote which could see the entire board removed, bar chief executive debbie White. Interserve declined to comment.