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Hearts rescue package faces frustrating setback

Hearts' administrators were last night seeking clarity from Lithuania after suggestions there had been a worrying setback in regards to the club's long awaited rescue package.

Insolvency experts BDO had failed by close of business yesterday to gather any detailed information on the outcome of a planned meeting of the creditors of Ukio Bankas, where it was expected they would rubber stamp the Company Voluntary Arrangement (CVA) agreed in November.

It was reported the gathering had resulted in a fresh delay to the process of up to 10 days, with a lack of some 'technical details' at the root of the postponement. This is understood to have frustrated Hearts' joint-administrator, Bryan Jackson, and his team, who were confident they had passed on all the necessary information for the £2.5m CVA deal to pass its next step.

In a separate development, it emerged that Sauliu Bankas, a major creditor in UBIG, has declared its unhappiness with the five-figure sum offered - and accepted in a draft deal struck with UBIG early last month - for the release of the key near 50 per cent shareholding held by the investment firm in Hearts.

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