Caring Times Interview
Caring Times editor GEOFF HODGSON talks to Four Seasons health care chief executive Dr PETE CALVELEY and the company’s newly-appointed director of strategy KEVIN ROBERTS
In September, Four Seasons healthcare, the third biggest care home provider in the UK, announced it had reached an equity-for-debt agreement with its major creditors. The capital restructuring still leaves the company owing around £780m and chief executive Dr Pete Calveley is confident that Four Seasons is well-positioned to manage its remaining burden of debt.
‘Some of the debt will be paid down naturally over the next year because some of the debt is amortised over that period,’ he told Caring Times.
‘The remaining debt will mature in September 2010. Our strategy is to refinance that debt, or to extend the bond. The bond holders are able to agree to an extension of the terms, so with their consent we could extend the bond beyond September 2010 or, as I said, we could refinance.’
Dr Calveley said Four Seasons’ new shareholders would feel reassured by the company’s recent financial performance.