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".
Well-established provider of domiciliary care for vulnerable adults specialising in end of life and complex care. The company's highly qualified and extensively trained staff deliver an exceptional standard of tailored care including overnight care l...
Presenting to the market a well established 2 surgery practice due to the vendors plans to reduce responsibilities. Income is derived from fee per item patients and a large capitation scheme which equates to 32% of the practice income.
LEASEHOLD
Operates on a national basis, providing highly skilled staff for clients including NHS and private hospitals, nursing homes and prisons, on a short- or long-term basis. Holds a number of framework agreements, enabling the company to supply staff to N...
LEASEHOLD
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