Macfarlanes, Allen & Overy (A&O), Linklaters, Ashurst and Kirkland & Ellis have advised as the company was this month granted a repayment reprieve until the end of October, giving it time to work with lenders on restructuring its debt.The repayment was part of an agreement with the care-home chain made in 2006 when it was bought out by investment house Three Delta for £1.4bn from former owners, Allianz Capital Partners.The original deal gave Four Seasons until the end of August to refinance the debt but the company was unable to do so owing to the poor credit markets. Macfarlanes has been acting for Four Seasons throughout the negotiations, with corporate partner Ian Martin taking the lead. The top 30 firm has advised Four Seasons since 1999 and Martin advised the company's management team during its 2006 buy-out. Four Seasons has been left with 11 tranches of debt including some payment-in-kind (PIK) loans held by lenders including Royal Bank of Scotland (RBS) and Trafalgar Asset Managers.
September 10, 2008 at 10:38 PM
1 minute read
The original version of this story was published on Legalweek
Macfarlanes, Allen & Overy (A&O), Linklaters, Ashurst and Kirkland & Ellis have advised as the company was this month granted a repayment reprieve until the end of October, giving it time to work with lenders on restructuring its debt.
The repayment was part of an agreement with the care-home chain made in 2006 when it was bought out by investment house Three Delta for £1.4bn from former owners, Allianz Capital Partners.
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