Daily Banking Industry News
Saturday 12th of December 2009

Banking Sectors:

By company:

By organisation:

Also see:

December 7, 2009

RBS faces £300m writedown in Four Seasons rescue

by Gill Montia

Story link: RBS faces £300m writedown in Four Seasons rescue

Royal Bank of Scotland (RBS) is part of a consortium that could be forced to write down over £800 million in connection with Four Seasons.

The with troubled nursing home provider, which has been in refinancing talks for over a year, owes around £1.6 billion to lenders including RBS, Fortis and Nationwide.

Half of the debt is now expected to be converted into shares, with RBS set to own 40% of the company at a cost of £300 million.

RBS first attempted to rescue Four Seasons in July of 2008 when the chain’s owner, the Qatar Investment Authority, was considering placing the business in administration.

At the time, the bank tried to negotiate a merger between Four Seasons and Priory Healthcare.

The group became a major shareholder in the addiction and psychiatric disorders clinic chain in 2007 when it acquired ABN Amro, but terms of a merger could not be agreed.

Four Seasons owns and operates over 400 care centres and nursing homes, and employs over 21,000 staff.

 

Add to Bookmarks:

ADD TO NETSCAPE     ADD TO DEL.ICIO.US     ADD TO DIGG     ADD TO FURL

ADD TO STUMBLEUPON     ADD TO YAHOO MYWEB     ADD TO GOOGLE     ADD TO SPURL


Related stories to: RBS faces £300m writedown in Four Seasons rescue

RBS seeks to reduce exposure with Priory merger  ...

Societe Generale Announce $4bn SIV Writedown  ...

Bids to rescue Northern Rock have new difficulties  ...

UBS Dismiss Writedown Rumours  ...

JPMorgan reports 50% drop in profit  ...

No Comments »

No comments yet.

Leave a comment


Previous: « Chancellor considers windfall tax on City bonuses
Next: Santander named Global Bank of the Year »

Visited 981 times, 3 so far today

Investment Banking News


Savings & Investment News


Borrowing & Lending News