Fri, 15 Dec 2017 | ADMINISTRATION
Four Seasons Health Care, the second largest care home operator in the UK, has struck a last-ditch deal with its major creditor in an attempt to avoid administration.
The company, which is struggling under £525 million of debt and faced a critical interest payment on Friday, was able to draw up a 'standstill' agreement with H/2 Capital Partner at the last minute.
A statement given yesterday confirmed they had reached a deal: "This standstill ensures continuity of care for Four Seasons' residents and enhances operational stability for employees and all stakeholders."
"The primary objective of a restructuring plan is to create a sustainable, long-term capital structure that best-serves residents, patients and employees."
The move will give the group more time to agree to a long-term restructuring, with H/2 set to take full control of the care homes operator – details of which still need to be agreed upon.
Until it is signed off, the future of 17,000 elderly residents across 343 homes is still in doubt.
Four Seasons chairman Robbie Barr said: "The board and I look forward to working closely with H/2 and their advisers on delivering a restructuring that will provide the right capital structure for the company's long-term needs."
The CEO of H/2, Spencer Haber, also said the agreement was a promising "first step" towards a successful restructuring, and described Four Seasons as a "vitally important care provider".
Represents an opportunity for a dental practice acquirer seeking a seven surgery mixed dentistry operating since 1978.
FREEHOLD
Represents an opportunity for a professional acquirer seeking a modern, newly fitted four surgery practice located in Wiltshire.
Represents an opportunity for a diligent acquirer seeking a three surgery, predominantly private dental practice located in Manchester.
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.