LONDON (Alliance News) - SerVision PLC on Wednesday said trustees of subsidiary SerVision Ltd in Israel are expected to apply for creditor protection to be extended as they await offers for the latter.
In late March, a freezing order was put in place protecting SerVision Ltd from creditors until the end of April. The trustees are expected to make the request to allow them to consider any expressions of interest in the company.
The expected outcome of the whole process, SerVision said, is that its subsidiary will be transferred to a third party, with little if any value being returned to SerVision shareholders.
Its other operations are SerVision UK Ltd, and it is also considering its options with regard to this.
In late-March, SerVision had said it had received an expression of interest for the Israeli subsidiary.
Shares were suspended shortly before that after it failed to secure funding to keep going.
