Interserve to go in administration after rescue deal blocked

Troubled outsourcing company , one of the British government‘s biggest contractors, is set to go into administration later on Friday after its shareholders rejected a rescue plan.

Interserve‘s shareholders voted 59 percent against a debt-for-equity rescue package at a general meeting in central London on Friday, in a victory for its biggest shareholder, US hedge fund Coltrane, which owns a 28 percent stake and had opposed the plan.