ALMOST 200 businesses and public bodies are set to lose nearly £6 million owed to them by Ferguson Marine in Port Glasgow.

According to the shipyard's administrators, Deloitte, there are 168 unsecured creditors who are 'unlikely' to receive any of the cash they were due from the company before it went bust three months ago.

The best-case scenario is a 10p in the pound offer - and only if any funds are available at the end of the administration process.

It comes as it was also revealed that the Scottish Government, which is in the process of taking over the yard, spent £3.8m keeping Ferguson's afloat after it got into financial trouble on August 16 up to October 4.

The money has been paid through Macrocom - a company wholly owned and funded by ministers.

In a statement, joint administrators Michael Magnay and Robert Harding said: "Macrocom is funding trading costs to enable trading to continue whilst a sale of the business is explored.

"During the report period £2m was received in funding from the appointment date to October 4 and trading and trading expenses of £1.6m have been paid."

As previously revealed by the Tele, Inverclyde Council is among the long list of unsecured creditors - with Ferguson's owing the local authority £60,000.

A 10p in the pound offer would mean Municipal Buildings bosses receiving just £6,000 of that sum.

Regeneration company Riverside Inverclyde - part-owned by the council and Scottish Enterprise - is also owed £1,000.

The joint administrators said: "The statement of affairs shows 168 unsecured creditors with estimated non-preferential claims totalling £5.95m. "We have received 40 unsecured creditor claims to date, totalling £3.8m.

"It is unlikely that sufficient funds will be realised to enable a distribution to be made to unsecured creditors."

Some cash may become available via prescribed part - an amount set aside for unsecured creditors from the sale of assets.

But Deloitte believe that would equate to the statutory maximum of just £600,000, although the figure could be even lower once administration costs are deducted.

It would mean the council, RI and small and medium-sized businesses stand to lose just over £5.3m in total.

A Scottish Government spokesperson said: "In the absence of a workable commercial solution the administrators of Ferguson's have concluded the proposal of ministers to bring the yard into public ownership is now in the best interests of the creditors - who ultimately would have likely received nothing had this action not been taken. "We are working closely with the management of Ferguson Marine to create a clear understanding of what is required to complete the current workload at the shipyard, including all valid invoiced debts from ongoing trade suppliers."

Ferguson's went bust owing £70m, including £50m of public cash provided by the government in the form of loans.