Four Seasons creditors use their force to push through proposals
FOUR Seasons’ senior creditors were yesterday thought to be looking at legal options to force through a restructuring proposal – without the backing of junior lenders.
On Friday, City PM revealed that the care home company had convinced senior creditor Credit Suisse to support its latest restructuring plan for its £1.5bn debt pile. Without backing from the bank and other senior creditors, the firm would have been forced into a fire sale yesterday.
Credit Suisse and Hatfield Philips, the bond administrator, yesterday called for a delay to the sale to allow more time for junior lenders to sign up to proposals, which would see most of the lenders’ debt converted to equity. Creditors are concerned that a fire sale will raise less than the debts Four Seasons currently owes.