NHP to create new company to run former Southern Cross homes


Posted on March 1st, by editor in Caring Times. No Comments

Court Cavendish to hold stake in new operating entity

A new company is to be created to take over the operation of 249 care homes owned by NHP and formerly run by Southern Cross.
NHP has announced that it has retained about £14m of imminently due loan interest payments in order to make provision for the working capital requirements of the new operating company that NHP expects to emerge at the end of the current consensual restructuring process being undertaken by NHP and Southern Cross.
NHP expects to make a similar retention in respect of its loan interest payments due in October 2011. Capita, the Special Servicer representing NHP’s lenders, has been made aware of the actions taken, and proposed to be taken, by NHP in this respect and agreed to suspend its rights to make a demand for the shortfall in interest payments made by NHP in July 2011. It is expected that a similar agreement will be entered into with Capita in October.
NHP said any new operating comp





Comments are closed.


Latest blog posts

A deal of uncertainty

By Caring Times editor GEOFF HODGSON

Apart from death, taxes and a messy Brexit we live in a world of uncertainty. In social care we’ve...

Away with words

By guest blogger JOHN BURTON

Most organisations have a way with words – PR. “We are an open and honest organisation and the welfare/happiness/satisfaction/safety of...

Social care’s other users

By guest blogger JEF SMITH

I wish I understood more about how government policies get made, but I suspect that happenstance plays a bigger part than...