The Magic Circle law firm Allen & Overy has been removed as a restructuring adviser to the troubled care homes operator Four Seasons amid conflict of interest concerns.
A&O is also acting for Four Seasons in a High Court action against its lenders over a major error the law firm says it made drawing up debt documents.
The row is proving to be a roadblock to a restructuring deal for Four Seasons, which is due to miss a £26m interest repayment next month. Its private equity owner Terra Firma has turned to the High Court in an attempt to regain control of a group of 24 care homes worth £136m that were effectively signed over to bondholders by A&O.
Click here for the full Telegraph article
