And who will end up bailing it out if debt restructure doesn’t happen …..?
Four Seasons on brink of collapse
“Four Seasons, Britain’s biggest private care home operator, is at risk of going into administration over a £26m interest payment due on its debts, and amid a dispute between its British owner and its main bondholder, American hedge fund H/2 Capital.
British private equity firm Terra Firma, which owns Four Seasons, has offered to hand over the operator’s 343 care homes to H/2 if the hedge fund created a creditors’ committee to “agree an orderly and responsible handover and to collectively agree with the other bondholders and creditors a new capital structure for the Four Seasons group, new equity ownership and new corporate governance”.
H/2 has not responded to the offer yet, and has previously put forward its own restructuring plan, as it is in dispute with Terra Firma over the ownership of 24 profitable homes.”
Source: The Daily Telegraph, Pages: 1, 3 The Times, Page: 40 The Guardian, Page: 23 Independent i, Page: 9 Financial Times, Page: 19 Evening Standard, Page: 46