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Four Seasons appoints big guns to review its finances

Troubled care home giant Four Seasons Health Care has hired Blackstone spin-off PJT Partners and magic circle law firm Allen & Overy to review its financial structure.

Elli Investments, the umbrella company for Four Seasons’ bonds, told noteholders that while the group had “sufficient medium-term financial flexibility’ it would “conduct a review of its current financing to further enhance that flexibility”.

Ben Taberner, chief financial officer at Four Seasons, told bondholders in a call following the release of the group’s latest results that a financial review would be carried out with “all options” considered.

Ratings agency Moody downgraded the value of Four Seasons’ bonds following those results, pushing them further into junk status. The group’s secured notes were cut to Caa3, two grades away from being in default, while the unsecured notes were rated as Ca, the lowest grade before the bond defaults.

Four Seasons made a loss of £25.6 million for the three months ended 30 June 2015 compared to a £17.3 million loss for the same period last year.

Turnover, meanwhile, decreased by 3.5% to £172.9 million from £179.2 million in the second quarter of 2014.

The company’s woes have been attributed to squeezed local authority care home fees and the UK’s severe nurse shortage.


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Posted on: 22/10/2015

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