Last checked at 29 Jul 2011 17:33
Friday 29 July 2011
Southern Cross Healthcare Group PLC
('Southern Cross', 'the Company' or 'the Group')
Corporate Update
Southern Cross announces that it has reached agreement with its lenders on an extension to its banking facilities until the end of August. This further extension, in addition to the continuing deferral of rent with effect from 1 June, represents essential support for the continuation of the restructuring process which involves the transfer of homes to other operators, as announced on 11 July.
Plans to transfer all 752 homes to new operators are continuing, with all participants focused on continuity and quality of care for all of the Company's 31,000 residents.
Southern Cross also announces that Sally Morgan has decided that it would now be appropriate for her to stand down from membership of the Board and she has resigned as at 29 July 2011. The Board is grateful to Sally Morgan for her contribution over the past five years.
Christopher Fisher, Chairman of Southern Cross, commented:
"We appreciate the ongoing support of our lenders during this period of transition. It reaffirms the commitment of those involved in the process to the continuity of care for all of our residents.
"We also would like to thank Sally Morgan who has been a valued member of the Board. Her support, particularly in recent months, has been much appreciated and we wish her well in the future."
-Ends-
Enquiries:
Southern Cross Healthcare Group PLC | +44 (0)1483 757 696 |
Jamie Buchan, Chief Executive | |
David Smith, Group Finance Director Amy Kroviak, Director of Communications | |
Financial Dynamics | +44 (0)20 7831 3113 |
John Waples/ Ben Brewerton |