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Four Seasons Health Care Appoints Independent Boards to Work Collaboratively with H/2 Capital Partners -- Four Seasons and H/2 to Assess Restructuring Alternatives in Light of the Group's Successive Downward Revisions to its Operating Performance

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News provided by

H/2 Capital Partners

02 Oct, 2018, 12:13 GMT

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LONDON, Oct. 2, 2018 /PRNewswire/ --

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  • Four Seasons yesterday made important governance changes in light of successive downward revisions to its operating performance.
  • Independent Directors have been newly appointed to several of the Group's key Boards of Directors, such that those Boards are now independent.
  • Investment funds affiliated with H/2 Capital Partners ("H/2") have agreed to further extend the deferral of the interest owed to them on the Group's debt.
  • H/2 has also today funded £5 million in furtherance of continuity of care and operational stability.
  • With H/2's continuing support, the Group's newly-independent leadership will engage with H/2 immediately in assessing possible restructuring alternatives.
  • Day-to-day operations continue unaffected.

Four Seasons ("Four Seasons" or the "Group") yesterday made certain important governance changes which result in the Group now being led by independent Boards. Newly appointed to the Boards of Directors are:

  • David Edmonds CBE, a highly-experienced Non-Executive Director with significant healthcare and regulatory expertise, including previously serving as a Non-Executive Director of Barchester Healthcare Limited and as a former regulator across both the legal services and communications sectors; and
  • Iain Lynam, a seasoned restructuring professional with extensive health and social care experience across both the NHS and the independent sectors.

In parallel with these appointments, certain Board members associated with Terra Firma have stepped down. These directors are Robbie Barr, Peter Dixon, Ryan Macaskill and Greg Newman.

Continuing a multi-year trend of challenging operating results, the Group has downwardly revised its stated forecast for current-year EBITDA multiple times.

In addition to extending the interest deferral period, H/2 today funded £5 million to the Group, which together with substantial amounts previously funded by H/2, supports continuity of care and operating stability.  The Independent Directors and H/2 reaffirm their continuing support to Four Seasons' residents, patients, employees and other important stakeholders.

Allan Hayward, Independent Director of the Elli Acquisitions Limited Board of Directors, said: "I am very pleased that we have been able to extend independent governance and leadership further across the Group. This can only be beneficial in securing a successful restructuring of this important enterprise."

Spencer Haber, Chairman of H/2 Capital Partners, commented: "The challenging task of rebuilding Four Seasons begins today with fresh momentum. We are ready to get to work immediately with the reconstituted, Independent Boards to develop a restructure plan grounded in reality, moving on to the vital job of restoring Four Seasons to its proper state to serve its residents, their families, its employees and government stakeholders."

Notes

(1) FY18 forecast EBITDA calculated using KPIs from Elli Investments Limited Information Statement, as reported in the announcement dated 28 February 2017.

(2) FY18 forecast EBITDA calculated using respective Elli Investments Limited Information Statements, as reported in the announcements dated 26 January 2018, 9 May 2018 and 28 September 2018 respectively.

Links to the above referenced Information Statements can be found on the Group's website:

https://www.fshc.co.uk/about-us/investors/

Media Enquiries

Contacts: Four Seasons Health Care








Media Enquiries - Maitland



Four Seasons Health Care





Neil Bennett



Martin Healy

Mobile:            

+44 (0)7900 000777


Direct dial: 

+44 (0)1625 417 800

Direct dial: 

+44 (0)20 7395 0430




Email:         

nbennett@maitland.co.uk









James Devas





Mobile:         

+44 (0)7884 001 949




Direct dial:     

+44 (0)20 7395 0469




Email:            

  jdevas@maitland.co.uk









Contacts: H/2 Capital Partners








Media Enquiries - Pagefield Global Counsel


H/2 Capital Partners




Malcolm Munro



Ashvin B. Rao

Mobile:     

+44 (0)7795 013006


Dial: 

+001 203 569 4000

Direct dial: 

+44 (0)207 406 7453


Email:

IRManager@h2cp.com






Alex Just





Mobile:      

+44 (0)7384 254 297




Direct dial:  

+44 (0)207 406 7439









Email: h2@pagefieldglobalcounsel.com





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