Jump to content


Sign in to follow this  
ukaviator

Banks blow £800m on Four Seasons care homes

style="text-align:center;"> Please note that this topic has not had any new posts for the last 3636 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

A CONSORTIUM of banks, including RBS, is to own up to one of the most disastrous lending decisions of the debt-fuelled deal boom. It will lead to writing off more than £800m of loans to Four Seasons, Britain’s biggest nursing-home chain. Four Seasons is expected to announce early this week that 30 banks have agreed to convert about half its £1.6 billion of debts into shares. The decision will safeguard 20,000 jobs at the company, which runs 330 homes with 16,000 beds.

 

The debt-for-equity swap is a sharp reminder of the rash lending decisions made by banks at the height of the bull market. Dozens of other companies that were bought and sold during 2006 and 2007 are facing the same problem, but few are as big as Four Seasons. The state-controlled Royal Bank of Scotland is the biggest loser. It will write off more than £300m and own just under 40% of the care group. Other institutions to lose money include Fortis, Nationwide, Marathon Asset Management and Cheyne Capital.

 

More:

 

Banks blow £800m on Four Seasons care homes - Times Online


Some useful links.

FAQ's

Making Posts

Letter Template Library

Bank Contact Details

AQ Guide to Completion

Court Fees

Data Protection non Compliance

Witness Statements for Court Bundle

Banking Code Website

Limitations Act

Fast Track Costs

A-Z Index

Mis-Claim Tutorial

Step By Step Instructions

 

Remember: The Ark was built by amateurs-The Titanic by professionals.

 

Please click my scales if you find my advice helpful !

 

If your claim is successful, please donate 5% so that it can continue to help others.

 

Your decisions and actions are your own, and should you be in any doubt, please seek qualified professional legal Help.

 

WARNING TO ALL

Please be aware of acting on advice given by PM .Anyone can make mistakes and if advice is given on the main forum people can see it to correct it ,if given privately then no one can see it to correct it. Please also be aware of giving your personal details to strangers

 

HAVE YOU BEEN TREATED UNFAIRLY BY CREDITORS OR DCA's?

 

YOU CAN NOW COMPLAIN TO THE OFT ABOUT THEIR CONDUCT UNDER THE CONSUMER PROTECTION FROM UNFAIR TRADING REGULATIONS 2008.

Share this post


Link to post
Share on other sites
Sign in to follow this  

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...