Jarvis pushes restructuring deadline

AN agreement between embattled Jarvis and its creditors looks set to go to the wire after the firm again delayed a restructuring announcement that had originally been scheduled for today.

Jarvis now says that the results of its efforts to reach an agreement with creditors, led by Barclays and Royal Bank of Scotland, will be announced tomorrow.

The support services company has pledged to reach an agreement on restructuring proposals acceptable to its lenders by the end of this month.

Failure to present those details tomorrow, before the deadline, will 'put the company in unchartered territory'.

A debt-for-equity swap is thought unlikely, but has not been fully ruled out.

The two banks are leading a creditors' committee of more than a dozen lenders.

Jarvis says it does not need approval from all the lenders involved to reach an agreement on repackaging its £230m debt.