Rangers CVA proposal due by Monday
Rangers' administrators are expected to submit a proposal to bring the club out of administration via a Creditors' Voluntary Agreement by Monday.
The club must notify the Court of Session first, with creditors then having two weeks to accept followed by a 28-day cooling off period.
The approval of 75% of the creditors is required for a CVA to proceed.
The two major creditors, HMRC and Ticketus, would together constitute that total.
A consortium fronted by former Sheffield United chief executive Charles Green have had a bid for the Ibrox club accepted by the administrators, Duff and Phelps.
The proposal will be an initial pence in the pound offer made up from purchase funds from Green's consortium and other cash raised by the administrators.
However, the proposal does not constitute a final offer and other funds may be available to the creditors' pot in the future.
Further funds would likely come primarily from Duff and Phelps' claim of £25 million against Craig Whyte's lawyers, Collyer Bristow, should that case be successful.
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err BBC website actually!