Interserve, the international support services, construction and equipment services group, was sold to its lenders, which include high street banks HSBC and RBS as well as hedge funds Cerberus, Emerald Asset Management and Davidson Kempner Capital. A deleveraging transaction will now be implemented, and is expected to complete shortly after the sale of the group, and will involve the equitisation of approximately £485m of existing debt and £110m of additional liquidity. Debbie White, Chief Executive Officer, Interserve Group said: "With a stronger financial platform in place, Interserve will be able to concentrate on delivering value for our customers. The Group's transformation programme will continue, focused on improving our value propositions for customers, standardising our operational delivery, making Interserve simpler and more efficient through our Fit for Growth initiatives, and embedding a culture of ownership and openness throughout the Group. Interserve is fundamentally a strong business and with a competitive financial platform in place we see significant opportunities ahead as a best-in-class partner to the public and private sector."