Four Seasons creditors use their force to push through proposals

FOUR Seasons&rsquo; senior creditors were yesterday thought to be looking at legal options to force through a restructuring proposal &ndash; without the backing of junior lenders.<br /><br />On Friday, City A.M. revealed that the care home company had convinced senior creditor Credit Suisse to support its latest restructuring plan for its &pound;1.5bn debt pile. Without backing from the bank and other senior creditors, the firm would have been forced into a fire sale yesterday.<br /><br />Credit Suisse and Hatfield Philips, the bond administrator, yesterday called for a delay to the sale to allow more time for junior lenders to sign up to proposals, which would see most of the lenders&rsquo; debt converted to equity. Creditors are concerned that a fire sale will raise less than the debts Four Seasons currently owes.