Southern Cross landlords agree rent cuts
80 landlords have agreed to take significant cuts to help the company avoid insolvency
Long term rent cuts averaging 10 – 15 % are likely following 80 landlords agreement to a package of financial constarints designed to save Southern Cross from bankruptcy. The landlords also lobbied for other creditors to share the pain and for greater Board accountability to shareholders. The company has also announced plans to impose new contracts on staff with the prospect of dismissal without redundancy pay should a staff member refuse the new contract.