Creditors meeting - debt up to £138.6m!
Today, I am not sure what time - it 'might' have already started? - will see creditors meet at Fratton Park as the club looks to get affairs in order, once and for all, with us then knowing in the not too distant future exactly what, if any, our future will be, or at least could be, right?
Quite what the proposals are for the repayment structures sought to non-secured creditors for the CVA will be remains unknown, and this amount 'might' not be disclosed to the creditors today.
As I understand it, today is merely seeking the approval from the creditors to produce the CVA in the first place - the administrators then return to these non-secured creditors with the proposed CVA in 14-28-days for their approval, hopefully...
As said what the amount that will be offered is unknown, and could remain the case until the CVA is produced to these creditors if they approve the application to supply one. Although the amount being 'reported' is something like 20-25p in the pound to these non-secured creditors. Knowing that others - the secured creditors - will gain everything back will leave some non-secured creditors pretty miffed, and rightly so to be fair. So, the unsecured creditors will be looking to get as much back as they can. Something of something is better than something of nothing, is something that they will be looking at I am sure and both sides will play hardball but some outcome is needed, or a stand off with no outcome will be the case. My worry is will people accept 25p in the pound, for example, spread over 5-years?
From the clubs point of view without the CVA, as we know, we WILL start next season on a minus points total, at best. This, for me, is something that is starting to look, I am afraid to say, more and more likely - I hope to be wrong, and maybe my thinking is that by fearing for the worse I will not be 'disappointed', as we have so often over the past 12-months or so when being told to 'expect' more...
At least one positive we can take from the events that are now starting to unfold from today is that we are at least getting closer to some form of resolution and knowing what our future, at least the immediate future will be - by the end of this month, or early in June we 'should' know if our CVA has been approved and if coming our of administration anytime soon is going to happen.
If a CVA is not agreed then we know for sure that a long, long hard slog next season, and for the foreseeable future is the likely outcome, so survival in the no power league next season alone is 'probably' the best we can hope for.
The administrators are 'confident' support will be given to the plans to produce a CVA arrangement, although, speaking for myself I will be happier once we know this is actually the case as the club, and even the administrators, have been 'confident' of many things, for many weeks and months, yet this confidence has not always proved well placed has it!
Today is the start of a vitally important period for Portsmouth Football Club, that much we do know...
Admin Andy has told these creditors that our debts NOW stands at £138.6m!
BBC sport is reporting that 'the club is offering to pay at least 20 pence in the pound over five years, and has said that small creditors and charities will be paid in full.'
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