Four Seasons confirms £70m H/2 Capital lifeline

Four Seasons has confirmed the agreement of a £70m funding package with leading creditor H/2 Capital.

The £70m lifeline from H/2 Capital, which is designed to repay existing debts and provide interim funding, was revealed by Sky News on Wednesday (see BREAKING NEWS: H/2 Capital deal provides breathing space for Four Seasons).

Four Seasons chairman Robbie Barr said: “We are very appreciative of H/2’s willingness to consider expanding its already substantial commitment to Four Seasons Health Care and for the continued support of all parties in pursuit of a consensual agreement.

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“Working together to close the facility over the next two to three weeks, we believe that this incremental liquidity and initial steps toward a revised governance structure lay the foundation for a consensual restructuring that benefits all stakeholders, and in particular provide continuity of care for our residents.”

The deal includes the amendment of the existing standstill and deferral agreement between Four Seasons and H/2 Capital, which was agreed in December (see BREAKING NEWS: Four Seasons and H/2 Capital reach debt standstill agreement).

The new deal commits both parties to securing a restructuring agreement by 16 April 2018. A final agreement is scheduled to be reached by 1 June 2018.

 

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