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From Baltic News Service

 

VILNIUS, Jul 29, BNS - Lithuania's bankrupt Ukio Bankas, the main creditor of the Scottish football club Hearts, has instructed the club's administrator, BDO, to continue negotiations with two potential investors to improve financial offers.

If the negotiations fail, Ukio Bankas will initiate the process of liquidation of the football club, the bank said in a press release on Monday.

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Not good news. FOH working capital assumptions must have allowed for a season or two in the first division but not a restart in the 3rd.

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Geoff Kilpatrick

Ah yes! The breeze that is administration. Ukio's administrator obviously thinks Tynecastle is worth more on the open market.

 

Oh well, it was fun while it lasted. :(

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Oh FFS :(

 

I guess we are about to find out just how many of the "it's no the same club" brigade still believe that if/when it happens to us.

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Translation of article

 

Hearts Football Club offers buyers the main creditor netenkinaDid?iausias Scottish football club Hearts FC creditor Economy Bank ordered the club administering company BDO continue to negotiate with two potential buyers of the club in order to improve the financial proposals. If negotiations are unsuccessful, Farm Bank will launch the club into liquidation.

 

"I can only repeat that we make every effort to keep football fans loved the club, but it is my duty - to ensure of the bank and its creditors' interests. If potential buyers refuse to improve their proposals, we remain the only way - to liquidate the club owner of Hearts Hearts of Midlothian Plc. "And realize Tynecastle Stadium pledge. However, I hope that it will not be necessary ", - said the bank's bankruptcy administrator An Amber Adomonis.

 

"Hearts" operating company "BDO has received three proposals for investors, but none of them were accepted. Last week, potential buyers submit a revised proposal but they did not meet the basic expectations of the creditor. Agricultural Bank agreed with the proposal to extend the club's administrator talks with two investors. With a third candidate - HMFC Limited - negotiations ceased.

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"Hearts Football Club offers buyers the main creditor

 

The greatest Scottish football club Hearts FC, "a creditor holding the Bank ordered the Club to manage the company BDO further negotiations with two potential buyers of the Club in order to improve the financing proposals. If the negotiations will be unsuccessful, the Bank will initiate a winding-up of the Club.

 

"I can only repeat that we shall make every effort to keep the football fans of the beloved Club, but my duty is to ensure that The interests of the Bank and its creditors. If potential buyers refuse to improve their bidding, we will be the only way out is to liquidate the Club savinink? "Hearts Hearts of Midlothian Plc." and realize "Tynecastle Stadium mortgages. However, I hope that it will, "said The Bank's bankruptcy administrator Amber Adomonis.

 

"Hearts", a company which manages the BDO received three proposals from investors, but none of them was not acceptable. Last week, however, the updated proposals submitted by potential buyers and they did not meet the expectations of the main creditor. The Bank agreed to extend negotiations on a proposal from the administrator of the Club with two investors. With a third candidate-HMFC Limited "means the negotiations are terminated."

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Selkirk_Jambo

 

"Hearts Football Club offers buyers the main creditor

 

The greatest Scottish football club Hearts FC, "a creditor holding the Bank ordered the Club to manage the company BDO further negotiations with two potential buyers of the Club in order to improve the financing proposals. If the negotiations will be unsuccessful, the Bank will initiate a winding-up of the Club.

 

"I can only repeat that we shall make every effort to keep the football fans of the beloved Club, but my duty is to ensure that The interests of the Bank and its creditors. If potential buyers refuse to improve their bidding, we will be the only way out is to liquidate the Club savinink? "Hearts Hearts of Midlothian Plc." and realize "Tynecastle Stadium mortgages. However, I hope that it will, "said The Bank's bankruptcy administrator Amber Adomonis.

 

"Hearts", a company which manages the BDO received three proposals from investors, but none of them was not acceptable. Last week, however, the updated proposals submitted by potential buyers and they did not meet the expectations of the main creditor. The Bank agreed to extend negotiations on a proposal from the administrator of the Club with two investors. With a third candidate-HMFC Limited "means the negotiations are terminated."

 

Ok, so not doomsday scenario yet, negotiations continue. Sounds like they are playing hardball, which is obviously to be expected.

 

Oh and Sideshow Bob out of the running. No surprise there.

 

 

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This was never going to be as easy as some thought but its still only the end of the first round.

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Geoff Kilpatrick

Oh FFS :(

 

I guess we are about to find out just how many of the "it's no the same club" brigade still believe that if/when it happens to us.

I can only speak for myself but if liquidation happens, I'm out.

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kingantti1874

Oh FFS :(

 

I guess we are about to find out just how many of the "it's no the same club" brigade still believe that if/when it happens to us.

 

I'm not in that camp, but given the timing the implications for hearts will be much more difficult.. No way that could happen before the start of the season

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This was always going to happen as a negotiating tool.

Nothing to panic about -yet!

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Would have been surprised if any first offers were acceptable, is it not a let's haggle approach.

 

At least we are at the talking stage, plenty of ground movement and threats before Liquidation happens IMHO

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pettigrewsstylist

Not over at all then

 

Game of poker and Lith bank refusing to cash in current hand?

 

Concerning though,,,, Massones improved offer (more than 4MILL) up front ,not acceptable???

 

Newco it is then methinks,,,, Meadowbank anyone?

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Geoff Kilpatrick

This was never going to be as easy as some thought but its still only the end of the first round.

Quite but it also depends on how long Ukio are prepared to give BDO. Not long by the sounds of it.

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Ron Burgundy

Ok, so not doomsday scenario yet, negotiations continue. Sounds like they are playing hardball, which is obviously to be expected.

 

Oh and Sideshow Bob out of the running. No surprise there.

This is what I'm hoping,negotiations still ongoing. Time for folk to join together.

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As it stands they are still open to negotiation so all is not lost just yet. Looks like Bob Jamieson and group 9 are out off the running though.

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Translation of article

 

Hearts Football Club offers buyers the main creditor netenkinaDid?iausias Scottish football club Hearts FC creditor Economy Bank ordered the club administering company BDO continue to negotiate with two potential buyers of the club in order to improve the financial proposals. If negotiations are unsuccessful, Farm Bank will launch the club into liquidation.

 

"I can only repeat that we make every effort to keep football fans loved the club, but it is my duty - to ensure of the bank and its creditors' interests. If potential buyers refuse to improve their proposals, we remain the only way - to liquidate the club owner of Hearts Hearts of Midlothian Plc. "And realize Tynecastle Stadium pledge. However, I hope that it will not be necessary ", - said the bank's bankruptcy administrator An Amber Adomonis.

 

"Hearts" operating company "BDO has received three proposals for investors, but none of them were accepted. Last week, potential buyers submit a revised proposal but they did not meet the basic expectations of the creditor. Agricultural Bank agreed with the proposal to extend the club's administrator talks with two investors. With a third candidate - HMFC Limited - negotiations ceased.

 

Well that's slightly better than the OP.

 

They haven't started liquidation proceedings yet according to what that says and have basically said the initial bids are unacceptable, they want more.

 

I can probably turn the gas off for the moment on that news, totally expected.

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oh ah grantona

 

see bob is out of running tho, hopefully the foundation can up their bid, but if reports are correct we are up the creek, Massone rumoured to have offered 4m for a CVA fund and FOH where way short. seems the UK consortium figure of around 8m was correct

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God I hope FOH can find some cash from somewhere. I guess they might need to approach the dropped consortium and see if there is a way of pooling the funds together to create a revised bid?

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So in otherwords, negotiations are still ongoing with FoG and massone but boab's now out of the running.

Not sure if this is good or bad news, all this tells us is 2 things. the bids received are not up to scratch, However, it's still early stages so this is to be expected. It also shows us that 1 of the bids, one that the fans did not want to go ahead

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Hmmm ....... sounds more like a negotiating position. They must know they won't get much for Tynecastle in current circumstances.

 

I hope FOH know what they're doing.

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TheMaganator

Do not panic.

 

I'd have been amazed if we hadn't had a bit of hard ball from the Liffs.

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Sergio Garcia

Didn't the administrators say when the bids were put they weren't acceptable as is often the case with first bids and its a case of working with the bidders to get them to an acceptable state after a few revisions of the bid?

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So in otherwords, negotiations are still ongoing with FoH and massone but boab's now out of the running.

Not sure if this is good or bad news, all this tells us is 2 things. the bids received are not up to scratch, However, it's still early stages so this is to be expected. It also shows us that 1 of the bids, one that the fans did not want to win, has been dropped from the bidding.

Still along way to go methinks, it was.always going to come down to the expected value of tynecastle.

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I can only speak for myself but if liquidation happens, I'm out.

 

If I lived in Melbourne I might be too.

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[quote n

"Hearts Football Club offers buyers the main creditor

 

The greatest Scottish football club Hearts FC, "a creditor holding the Bank ordered the Club to manage the company BDO further negotiations with two potential buyers of the Club in order to improve the financing proposals. If the negotiations will be unsuccessful, the Bank will initiate a winding-up of the Club.

 

"I can only repeat that we shall make every effort to keep the football fans of the beloved Club, but my duty is to ensure that The interests of the Bank and its creditors. If potential buyers refuse to improve their bidding, we will be the only way out is to liquidate the Club savinink? "Hearts Hearts of Midlothian Plc." and realize "Tynecastle Stadium mortgages. However, I hope that it will, "said The Bank's bankruptcy administrator Amber Adomonis.

 

"Hearts", a company which manages the BDO received three proposals from investors, but none of them was not acceptable. Last week, however, the updated proposals submitted by potential buyers and they did not meet the expectations of the main creditor. The Bank agreed to extend negotiations on a proposal from the administrator of the Club with two investors. With a third candidate-HMFC Limited "means the negotiations are terminated."

 

Sounds a bit like posturing tbh. We knew the initial bids wouldn't do it and it's a starting point for negotiations. Especially with a fans' group who have a deep connection to the club, liquidation is a pretty big stick to beat us with as a bargaining tool.

 

Surely if it was coming to it, FoH could and should go back to the likes of McKie and even the Scandanavians and see if they're still willing to chip in?? Both those groups claimed to be Hearts supporters and would just maybe add the extra needed to get the bid accepted. Work the rest out later!?!?!

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Mr Romanov Saviour of HMFC

It was never going to be an easy process.

 

I'm not convinced FoH have a bid that will satisfy them.

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Rocky jamboa

The bids did seem on the low side to be fair, considering tynie would be worth about ?5-6m so can't see them accepting less than about ?7m.

 

Hopefully just a game of cat and mouse, go in with low initial bid then meet in the middle.

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Quite but it also depends on how long Ukio are prepared to give BDO. Not long by the sounds of it.

 

I agree.

 

What the SPFL's take on things is could also be a concern given that the season starts on Saturday, which cant come quick enough now.

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Ok, so not doomsday scenario yet, negotiations continue. Sounds like they are playing hardball, which is obviously to be expected.

 

Oh and Sideshow Bob out of the running. No surprise there.

 

This is where the City Council Planning people could be a big help to Hearts by refusing permission to develop the Tynecastle site and make this known to BDO which would render Tynecastle a much less atttractive sellable option and with a renewed offer from FOH then the Lithuanian Administrators might see sense.

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This was always going to happen. Bidders are always gonna place bids they know are way below the valuation so that they can simply be invololved in the bidding process and hope that ukio will accept a bargain due to the situation. Ukio were always gonna reject and want a bigger bid and the best way to do this is to threaten and cause panic (which has worked with the fans in the past).

 

They are simply trying to play hard ball with the bidders to get as much as they can.

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It was all going to well, no surprises really! Still very frustrating though. Long road ahead.

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Not a shock tbh..... They want the best deal.

 

Half of me is tempted to call their bluff, they won't get anything like ?6m on the open market.

 

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They would be daft to just accept the first offer onthe table, the creditors that they are working for would not of been happy with that so it makes sense for them to knock it back.

 

It will take a lot of negotiating to get a deal struck. If they thought Tynecastle was worth a fortune they would of already putthe wheels in motion to liquidate us and sell it off, the fact they have not makes me think that they wont to strike a deal to sell but will not just take the first offer FOH etc make.

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So they have knocked back the 4 million from massone meaning they are probably looking for minimum 5 million up front. I think the likely hood off anyone coming up with that kind off money is unrealistic.

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So in otherwords, negotiations are still ongoing with FoG and massone but boab's now out of the running.

Not sure if this is good or bad news, all this tells us is 2 things. the bids received are not up to scratch, However, it's still early stages so this is to be expected. It also shows us that 1 of the bids, one that the fans did not want to go ahead

 

The thing I would like to know is where does the Lithuanian Administrator get his valuations of the worth of Tynecastle from if they are from Valds books then they will not be worth the paper they are printed on.

 

Hopefully BDO will be putting them right on the real value.

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What are the implications of liquidation after the season has began? Can't see how the leagues could be re-arranged like it was to allow Sevco into Div 3, could it mean an SPL reprieve or a season with no games to play?

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mellors1874

If foh are indeed the only show in town they need to put up between 7 and 10 million now or its curtains

I hope they have the capital in the bank like ive been told they have or we could be knackered

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What are the implications of liquidation after the season has began? Can't see how the leagues could be re-arranged like it was to allow Sevco into Div 3, could it mean an SPL reprieve or a season with no games to play?

 

Given the new pyramid system, would we even get into Div3 (sorry, League 2)?

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