First Transfers of Care Homes and Board Changes (2697P)
30 Setembro 2011 - 3:19AM
UK Regulatory
TIDMSCHE
RNS Number : 2697P
Southern Cross Healthcare Grp PLC
30 September 2011
Friday 30 September 2011
Southern Cross Healthcare PLC
("Southern Cross", or "the Company" or "the Group")
First Transfers of Care Homes to New Operators
and Board Changes
Southern Cross announces that:
-- business purchase agreements covering approximately 70% of
the Group's care homes have been entered into and are
unconditional; and
-- 3% of its care homes (250 by number) have transitioned to new
operators following approval by the relevant Care Regulator and
completion of care home staff consultation.
The transfer of this wave of homes is the first significant step
in implementing the restructuring. Further transfers will follow in
October and November.
As previously indicated, the Company confirms today the
resignation of its chairman, Christopher Fisher, from the Board of
Southern Cross, and the appointment of Stephen Taylor as a
director. Mr Fisher stepped up to become Chairman in April 2011 and
has led the Board through the subsequent restructuring process.
Mr Taylor is a Managing Director of Alix Partners and is a
restructuring specialist, with extensive experience of multi party
situations. Mr Taylor will continue to fulfil the role of Chairman
of the Company's Restructuring Committee.
Jamie Buchan, Chief Executive of Southern Cross, commented:
"I would like to thank Christopher for his unwavering support.
Having accepted the role of Chairman when the Company was already
in crisis, he has displayed real courage together with a conviction
to see the challenge through.
"Stephen Taylor's appointment further aligns the interests of
the Company and its creditors as it enters the process of solvent
wind down and I am confident that his experience of complex
restructuring will prove beneficial."
Christopher Fisher said:
"Now that the transfer of homes has commenced, I consider my
role complete. While the last year has thrown up many difficult
issues, I very much appreciate the widespread support and effort
which, allowing for the circumstances, has secured this
outcome."
Enquiries:
Southern Cross Healthcare Group
PLC +44 (0)1325 351100
---------------------------------------- ------------------
Amy Kroviak, Director of Communications
---------------------------------------- ------------------
FTI Consulting +44 (0)20 7831 3113
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John Waples / Ben Brewerton
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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