Biggest aged care provider ‘out of cash’

Britain’s biggest care provider has made an urgent appeal to its lenders to agree to the radical restructuring of its heavy debts to avoid a cash crisis that would cast uncertainty over the future of hundreds of nursing homes nationwide. Four Seasons Health Care, owned by Terra Firma, the private equity firm controlled by the controversial financier Guy Hands, launched the proposals in the hope of sealing a deal before it is due to make a £26 million interest payment in December. It warned that it will not be able to make the payment.

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