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Article: Swans future assured as creditors vote in favour of 5p in pounds offer.(Sport)
- Article from:
- Western Mail (Cardiff, Wales)
- Article date:
- March 26, 2002
CopyrightCOPYRIGHT 2002 MGN Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: MARIO RISOLI
THE future of debt-ridden Swansea City was virtually assured last night after creditors voted overwhelmingly in favour of accepting the club's five pence in the pound offer.
The Swans, pounds 1.7m in the red and in danger of going out of business, saw Company Voluntary Arrangement (CVA) as the only way of securing their future.
And yesterday, at a sombre meeting at Swansea's Marriott Hotel, the vast majority of unsecured creditors backed the club's proposal which means the ...