Sevco’s fixed charge on The Albion & Edmiston House is now available to view.
It can be accessed here.
Rugger Guy is currently posted missing.
Something to do with the Six Nations or the Six Notions…
However, I’m sure he is grand.
So, in his absence, I had a couple of sage accountancy types look over this document for me.
My two substitutes both came to the swift conclusion that Close Brothers are not messing about.
One of them stated to me right off that “Phil this isn’t an overdraft document”.
If you recall I did say that I would be surprised if the Sevco functionary who fronted the presentation of this capitulation even believed that one himself!
So what does this loan mean?
First of all, it plugs a hole in the budget that Dave King was supposed to take care of.
Secondly, this new debt is external and not internal.
If there was always the implicit hope that directors would write off their soft loans to Sevco.
Now don’t even think about going there with the Close Brothers.
Moreover, the penalties for defaulting will be brutal.
See section 3.1 if you doubt me.
Thirdly, it means that the chaps in the Blue Room are tapped out.
A loss-making business without a credit line from a bank had to go to the distressed sector and agree to very onerous terms and conditions indeed.
Now you will not read that sentence in the local media about Sevco.
And finally, happy Administration day.
Six years ago today something happened that stunned The People, but came as no surprise to the regular readers of this site.
I had first published in January 2009 that there was a shit tsunami heading towards Ibrox.
The response of the Stenography Corps and their dignified readership was to sneer and smear.
The idea that Rangers would suffer an insolvency event was fantasy.
Really?
When the CVA axe fell and Rangers were decapitated in June 2012 The People complained that no one had warned them.
Well, I did.
However, their complaint had some merit if they had aimed it at solely the local media.
Now, the same award-winning shills state that the same calamity could not befall Sevco.
They are wrong.
The new club at Ibrox is just about limping along on life support and the deal with Close Brothers indicates a turn for the worse.
Of course, the dénouement will not fit into a toddler’s timescale.
The only strategy that the Sevco High Command seems to have is to delay the inevitbale and pretend that everything is ok.
However, unless a real billionaire turns up then only severe austerity saves Sevco in the long term.
The sports desks chaps were utterly wrong about Rangers in 2011 and they’re wrong about Sevco now.
It has been my task to keep you well informed throughout.
