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"Most importantly, following the bidding process, we believe that the most likely exit from administration will be the successful implementation of a CVA.

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English clubs Manchester United (328k), Chelsea (238k) and Arsenal (136k) are also owed cash.

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"The first objective of administration is to achieve the survival of the company as a going concern. In relation to the football club this can only be achieved via the exit from administration through a CVA.

"Creditors in turn vote upon those proposals and therefore there is a requirement for a Adidas Cap Gray

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Debenture owners, who loaned money to Rangers, require 7.7million.

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"Much has been speculated over recent weeks about the form of exit which the club will take from administration.

The news came as the administrators revealed they would be pursuing three of the four bids lodged for the club this week.

Administrators have now indicated they are no longer considering one of those proposals, while reiterating their belief that an exit from administration before the end of the season is "achievable".

"It is, therefore, essential that any CVA proposal is commercially acceptable to the general body of creditors.

"A CVA is a process by which creditors are presented with a proposal to deal with the legacy debts of the company.

The report also reveals that since the club went into administration six weeks ago it has lost a further 2.5million.

Whitehouse said: "We have had a number of discussions with the interested parties today and have stressed the benefits to them of engaging openly with the club's fanbase.

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Among the public bodies owed money are Strathclyde Police (51k) and the Scottish Ambulance Service (8k).

"It is, however, appropriate that we once again set out our position Adidas Hat For Men

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"While we cannot be precise on timescale, exit from administration does look achievable by the end of the season.

David Whitehouse, joint administrator, said: "Following the outcome of the bidding process, I can confirm today that we will be considering further three of the four bids submitted yesterday."

Administrators believe the most likely exit from administration will be via a Company Voluntary Arrangement (CVA), despite recent speculation the company could be liquidated.

CVA to meet the commercial needs of creditors.

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134m as four bids are whittled down to three

"The ability of the company to exit through a CVA process is, therefore, dependent in part, on the level of offers submitted for Adidas Cap Black the business and is in the gift of the potential purchasers to deliver.

"We can now see light at the end of the tunnel whereby the club can exit from administration and focus upon success on the pitch.

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in relation to the manner in which we are seeking to achieve an exit from administration.

"We also hope to announce next week acceptance of one bid, which would then be subject to a period of due diligence and exclusivity.

A number of Scottish football clubs are in the line for money. Hearts are owed 800k, Dunfermline 83k, Dundee United 65k, Celtic 40k and Inverness 39k.

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as a bid from the Blue Knights and Ticketus, it is believed other offers lodged before the 5pm deadline were from groups based in Germany, Singapore and the United States.

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