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Restructuring of UK’s Largest Care Home Provider

Complex restructuring of a major care provider

This was a high profile and significant restructuring assignment of a £1bn turnover healthcare group. It involved the landlord creditors of more than 100 care homes, two major clearing banks who provided significant facilities to the group, and numerous other banks who provided funding to the landlord creditors.

One of our healthcare specialists served on a sub-committee representing the interests of a group of the landlord creditors and their participation in the complex reorganisation that took place and the waterfall participation provisions. He also served on the Main Restructuring Committee to receive, consider and provide input on the proposals put forward in dealing with all creditors, financial, landlord, operational and employee. This also included the consideration of legal documentation.

This case provided significant insight into the problems faced by a care provider of this size and the resultant issues for the CQC, Local Authorities and Central Government if a provider of this size is in financial difficulty and under threat of discontinuing trade. There was a significant effort from all stakeholders to recognise these issues and act in a socially responsible way when considering the financial impact being faced.

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