The original plan would have cut existing investors’ holding to 2.5%, but it was rejected by New York hedge fund Coltrane and Dutch hedge fund Farringdon Capital Management, who together hold approximately one-third of Interserve’s shares. Coltrane had also called for the entire Interserve board to be removed apart from chief executive Debbie White. The revised deal doubles shareholders’ remaining stake to 5%, with 95% going to the firm’s lenders, RBS, BNP Paribas, HSBC and hedge funds Emerald Investment and Davidson Kempner.