Meeting with Landlords (5180G)
12 Maio 2011 - 12:46PM
UK Regulatory
TIDMSCHE
RNS Number : 5180G
Southern Cross Healthcare Grp PLC
12 May 2011
Thursday 12 May 2011
Southern Cross Healthcare Group PLC
('Southern Cross', 'the Company' or 'the Group')
Meeting with Landlords
Southern Cross, the UK's largest care home operator, announces
that it has held a second group meeting with its landlords today as
part of the ongoing financial restructuring of the business. The
meeting was attended by landlords representing over 90% of its
homes.
The Company put forward a request for a 4 month 'Summer
Platform' to allow time to develop further its proposals in what is
a complex situation. As part of the Summer Platform, landlords were
asked to agree to a 4 month deferral of 30% of the current rent
charge with effect from 1 June 2011. Supported by NHP, the
Company's largest landlord, and to be chaired by Daniel Smith of
Grant Thornton, the other principal landlords agreed to form an
official committee to act as an efficient conduit for the
restructuring discussions and to ensure that negotiations continue
to progress in a timely manner.
The Company also announces the appointment of Greenhill &
Co., Inc., an independent investment banking firm, as joint
financial advisor with KPMG, to assist the restructuring
process.
Southern Cross reaffirmed that the provision of care remains the
priority for all parties and that the negotiation process has not,
and will not, compromise the quality of care it provides to its
31,000 residents.
Jamie Buchan, Chief Executive, commented:
"I would like to thank the landlords for attending today's
meetings and for the time and commitment that they are giving to
the process. These developments are a further step in a consensual
and constructive process to create a sustainable future for the
business.
"Throughout, Southern Cross remains fully committed to the
provision of quality care to all of its residents."
Enquiries:
Southern Cross Healthcare Group
PLC +44 (0)1325 351100
Jamie Buchan, Chief Executive
David Smith, Group Finance Director
Amy Kroviak, Director of Communications
Financial Dynamics +44 (0)20 7831 3113
John Waples/ Ben Brewerton
About Southern Cross
Southern Cross is, in terms of number of beds, the largest UK
provider of care home services for the elderly and a major provider
of specialist services for people with physical and/or learning
disabilities. The Group's care homes for the elderly operate under
two distinct brands: Southern Cross Healthcare and Ashbourne Senior
Living. Both brands provide a range of social and personal care
services and nursing care services for elderly people with physical
frailties and differing forms of dementia. The Group's specialist
services operate under the Active Care Partnerships brand and
provide long-term care services for people with physical and/or
learning disabilities and for younger people with complex forms of
challenging behaviour.
Southern Cross is focused on providing high quality care in well
invested facilities, seeking to be the home of choice in each local
community in which it operates. The Group provides care services
for most of the local authorities in the UK which, together with
the NHS, represent circa 78% of the Group's revenues. Its care home
portfolio is largely purpose-built with a high percentage of single
occupancy rooms and rooms with ensuite bathrooms.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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