Hearts closer to survival after creditors transfer shares

Heart of Midlothian is one massive step closer to avoiding liquidation after its creditors passed their share to the club administrator.

Heart of Midlothian is one massive step closer to avoiding liquidation after its creditors passed their share to the club administrator.

Creditors UBIG have agreed to pass on their 50% shareholding to administrators BDO which could see the Edinburgh outfit bypass the liquidation process altogether.

Lithuanian firm, Ukio Bankas, holds 29% of Hearts but have yet to agree to transfer their shares to BDO which could hold up proceedings but chairman Ian Murray remains hopeful.

"Obviously we are slightly frustrated we haven't got the final result but to get more than halfway there is a big step. Hopefully the fruitful discussions with Ukio Bankas will help its creditors back the deal,” said Murray.

"It's been the UBIG issue that has caused us most concern. So now that is away it's about making sure we get the Ukio Bankas deal done.

"Whilst we are disappointed we didn't get the final piece of the jigsaw done, we are confident we can complete the deal to take the club out of administration in the next couple of weeks.

"You can never say never but we have had the offer on the table for eight months and been preferred bidders since the start of August."

Hearts will compete in Scotland’s League One next season after being relegated from the Scottish Premiership but falling into liquidation would see them have to reform as a newco and start from the fourth division just as Rangers did

 
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