The troubled care homes operator Four Seasons Health Care is expected to launch a formal sale process today in the hope of attracting a rescuer, as a potential financial crunch looms.
The company, which is owned by the private equity firm Terra Firma but under the effective control of its lenders, led by the US hedge fund H/2 Capital Partners, has been attempting to engineer a restructuring of its £525m debt for more than two years.
Last month, H/2 swept aside Four Seasons’ management to install its own team, which it said would prepare the empire of 343 care homes for sale.
