A deal has been agreed to stave off the collapse of Four Seasons Health Care, which looks after 17,000 elderly and vulnerable people, after the company’s largest creditor agreed to drop several conditions. Under the proposals, subject to agreement from 90% of bondholders, creditors will forgo Friday’s interest payment and agree several “milestones”. The first such milestone is that a restructuring plan should be in place by 7 February next year, with final approval from bondholders to be sought by 2 April. Four Seasons will present the debt deferral proposal to creditors next week, with the approval of 90% required for it to be accepted. The restructuring plan to be presented next year will require approval from three-quarters of bondholders.

Source: The Guardian December 14, 2017 13:46 UTC