Four Seasons Health Care has finalised a debt restructuring deal with its lenders in what is expected to be the first of a wave of commercial mortgage-backed securities restructurings in the years ahead.
Some of the care home operator’s lenders will exchange debt owed to them for an equity stake in the business which will see the debts slashed by more than half to about £780m.
The restructuring, after more than a year of negotiations has been closely watched for its implications for other complex property-backed financings.
30/09/09 Financial Times 18
Times 42, 46
Daily Telegraph B4
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