Four Seasons in talks to refinance its debt
Major provider Four Seasons Healthcare is reported to be in discussions to refinance its debts which amount to £780m.
Writing in the Independent newspaper, Tom Bawden quoted a Four Seasons spokesman as saying he was confident the group would be able to refinance its debts by next October.
The group, which last year deferred its deadline to repay the debts by two years to October 2012, is now seeking, in effect, to push back the due date again, by refinancing its borrowings.
Four Seasons restructured in 2009 in a debt-for-equity deal with creditors which cut its borrowings in half – to about £800m – in return for ownership of the company. As a result, control of Four Seasons transferred from a Qatari sovereign wealth fund to the creditors, including Royal Bank of Scotland, which took a 40% stake.
Four Seasons has been approved by the Care Quality Commission (CQC) to take over the runni