| LONDON, April 6
LONDON, April 6 Heavily indebted British
care-home operator Four Seasons Health Care said it has
appointed Deutsche Bank (DBKGn.DE) as financial adviser, in a
move that may lead to the company's sale.
Deutsche will "assist the group to explore options" to cope
with its capital structure problems, said Four Seasons, which
was bought by the Qatar Investment Authority in 2006, via an
investment vehicle managed by Three Delta.
"It is now appropriate to explore and develop alternative
strategic options, including a sale of the group, in the event
that agreement on a consensual restructuring cannot be reached,"
the group said on Monday.
Four Seasons has about 1.5 billion pounds ($2.24 billion) of
debt, but recorded earnings before interest, depreciation and
amortisation (EBITDA) of just 100 million pounds in 2008, not
enough to service its debts.
Earlier this year, the company secured a standstill
agreement with creditors, preventing them from demanding their
money back until May 5.
"A consensual restructuring of its debt that delivers a
robust capital structure remains the group's preferred
solution," Four Seasons said.
Deutsche Bank did not immediately have comment. Three Delta
declined to comment.
(Additional reporting by Victoria Howley)