A standstill agreement struck between Four Seasons and leading creditor H/2 Capital has been welcomed by the CQC.
The deal announced yesterday allows time to agree a restructuring framework for the indebted care home provider (see BREAKING NEWS: Four Seasons and H/2 Capital reach debt standstill agreement).
Andrea Sutcliffe, Chief Inspector of Adult Social Care at the Care Quality Commission, said: “The Care Quality Commission has been consistently clear that people using any adult social care service, their families and carers, should be able to expect that the service will provides good quality care which can be sustained into the future.
“CQC is encouraged to see that a standstill agreement has now been agreed. As today’s announcement acknowledges, this is the first step towards a successful restructuring. Through our Market Oversight function, we will continue to closely track progress with the ongoing restructuring discussions until such time that they are satisfactorily concluded. Our Market Oversight regulatory responsibility is to advise local authorities if we believe that services are likely to be disrupted as a result of business failure.
“I would like to confirm at this point in time we do not believe that services are likely to be disrupted as a result of business failure.”
The agreement requires the two parties to come up with a restructuring deal by 7 February 2018 with an approval deadline of 2 April 2018.
For more information visit: https://www.fshc.co.uk/investors/