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 companys largest creditor agreed to drop several conditions.
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.
But 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.
Discussions did not involve Terra Firma, the private equity house that owns the loss-making bus…
Read the full article at: https://www.theguardian.com/society/2017/dec/14/four-seasons-health-care-saved-from-collapse-after-deal-with-creditors