British logistics institution Eddie Stobart has been saved from collapse after the firm’s shareholders approved a £55m rescue deal.
One of Eddie Stobart’s largest shareholders, DBay Advisors, will lend the money through a series of high interest bonds and will also assume control of the firm.
Under the restructuring plan, and in return for the loan, DBay will increase its stake in Eddie Stobart Logistics to 51%, but will charge the company an interest rate of 18%.
Eddie Stobart chief executive Sebastien Desreumaux said: “The proposed transaction provides Eddie Stobart with the opportunity to move forward and look to deliver sustainable growth and profitability from a stable footing. Our main priority and focus is now continuing to deliver the high levels of services expected by our customers as we move into the busy Christmas period.”