Last checked at 31 May 2012 14:48
Thursday 31 May 2012
Southern Cross Healthcare Group PLC
("Southern Cross", or "the Company" or "the Group")
Notice of CVA submitted to Creditors and Shareholders
Southern Cross announces the commencement of the final stage of its restructuring which was forecast in its announcement of 27 September 2011 and subsequent announcements. Having transitioned all care homes to new operators (at the same time maintaining continuity of care for residents) and having substantially realised all assets, the Directors are of the view that it is now appropriate to wind down the remaining affairs of the Group. Accordingly, Southern Cross has today notified Creditors and Shareholders of proposed Company Voluntary Arrangements for all of the recently active entities in the Group.
The objective of the proposed CVAs is to render all companies in the Group solvent by compromising their liabilities with the agreement of their creditors. This will result in a small dividend to creditors, following which the companies will be dissolved.
Details of the proposed CVAs are being sent to all known creditors of the Group. A meeting of creditors to consider and vote on the CVAs will take place on 20 June 2012. Any creditor that has not received a copy of the letter to creditors and notice of the meeting by 8 June, should contact the office of the CVA Supervisor at: southerncrosscva@kpmg.co.uk.
A Circular is being sent to shareholders on the Company's register of members at the date of temporary suspension of the Company's shares in July 2011. A meeting of shareholders will take place on 20 June 2012.
The Directors wish to express their gratitude to all parties involved with the Group, in particular to its lenders, former care home landlords, new care home operators, employees and residents, all of whose help and forbearance has allowed the Group to reach this stage.
Enquiries:-
Southern Cross - FTI Consulting:- Ben Brewerton - 020 7269 7279
KPMG :- Sorrelle Cooper - 020 7694 8527