Town have confirmed that agreement regarding the Company Voluntary Arrangement (CVA) has been reached with their secured and preferential creditors. A meeting has been set for May 2nd to have the proposal formally agreed.

The club's Deloitte and Touche administrator Nick Dargan told the official site: "We have worked hard with management over the last two months and had excellent co-operation from Norwich Union [bond holder], Barclays and the Crown creditors.

"This has enabled us to re-schedule £35 million of debt on a long-term, flexible basis and we are now in a position to put final proposals to the club's unsecured creditors.

"Should the proposals be accepted, and we are hopeful they will be, the club will exit administration and management can move on to the next stage of the club's financial rehabilitation, which will involve a summer loan stock placement."

It seems virtually assured that the CVA will be ratified at the meeting with the secured and preferential creditors likely to make up the 75% of creditors by value required for the proposal to be rubber-stamped.

The club say that unsecured creditors will receive up to 20p in the pound on their debts based in the club's future performance.

Previously Town chairman David Sheepshanks said that the club would propose three five-year scenarios to creditors, one based on a period in the Premiership, one on years purely in the Nationwide and one a mix of the two.

The 20p in the pound appears to be the amount creditors would receive based on the Premiership scenario with TWTD understanding that 10p in the pound will be paid out during Nationwide League years.

Town chairman David Sheepshanks commented on the news, telling the club site: It's been a drawn out process but it is very pleasing to have reached this stage.

"While we regret the consequences for our creditors from this administration, we are very grateful for the support we have received from our secured and preferential creditors and hope that the remaining creditors will equally feel able to endorse the proposals, and looking forward, our plans for recovery."

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