Interserve rescue plan

INTERSERVE’S biggest shareholder has tabled a rescue plan for the troubled contractor.

New York-based hedge fund Coltrane Asset Management has written to Interserve with a proposal that could see shareholders hold on to as much as 45pc of the firm, compared with just 5pc under a rescue package Interserve has agreed with its lenders.

Interserve, which is struggling under £631m of debt, confirmed it had received an updated proposal from Coltrane, which owns 27pc of shares, and said it would make another announcement soon.