Exclusive by Construction News- David Price
In an announcement to the market, the company said it expected that once the request has gone through the entire group and its assets would be sold to a new company that would be controlled by its lenders.
EY has been lined up to carry out the administration.
Once the administration is complete an alternative deleveraging plan will be implemented by the new company.
The terms will be essentially the same as the deleveraging plan voted down today, with a £485m debt-for-equity swap in the new company and £110m of new lending made available.