A deal has been agreed to stave off the collapse of Four Seasons Health Care, which looks after 17,000 elderly and vulnerable people, after the company’s largest creditor agreed to drop several conditions.
Loss-making Four Seasons had warned it might not honour a £26m debt payment due by Friday, raising fears the firm could become the largest care home operator to fall into administration since Southern Cross in 2011.
After protracted talks with its largest lender, the US investment firm H/2 Capital Partners, both sides issued a statement deferring the payment until 2 April 2018 and postponing key arguments about how to restructure the business.
But discussions did not involve Four Seasons’ majority owner Terra Firma, indicating that the restructuring effort could be hampered by lingering disagreements between H/2 and the private equity house.
Full Story The Guardian ; 14 December 2017