Club News

Major Ukio Bankas boost

16th April 2014

Significant progress in bid to save club as Ukio Bankas creditors' committee agrees share transfer.

Administrators BDO have issued the following statement today.

The creditors committee of Ukio Bankas has today (16th April) agreed the transfer of its shareholding in Heart of Midlothian FC to Bidco, the Ann Budge-backed company taking over the club.

Bryan Jackson, joint administrator of Hearts and a business restructuring partner with BDO LLP, commented: "I am delighted that the creditors committee has today agreed the transfer of shares to Bidco. This is one of the final hurdles in the transfer of ownership of the club.

"I would like to thank the creditors of both UBIG and Ukio Bankas for agreeing to this deal and also the patience and forebearing of Ann Budge and the Foundation of Hearts. I appreciate that many fans will have wondered whether this day would ever come but we have been working tirelessly on behalf of the club to make this deal work.

"There is still some work to be done to conclude proceedings but we are now very close to a successful conclusion of the CVA. However, I would caution that there is a cooling off period for the consent of the UBIG creditors which ends on 28th April, although not one for Ukio as they have a creditors committee, and we are working to have the sale and purchase agreement concluded, hopefully, before the end of the season."

Gintaras Adomonis, bankruptcy administrator of Ukio Bankas, commented: "The deal is very significant for us in several aspects. For the fans of Hearts this has been a very emotional and difficult period and we are happy that this has now been resolved in an amicable way."

On HeartsTV today, Robbie Neilson reflects on a superb win over Kilmarnock in the SFA Youth Cup semi-final.