Southern Cross in respite
A STAY of execution has been granted to embattled care home operator Southern Cross, after its landlords agreed to make “significant financial concessions” last night.
Southern Cross now has until October to come to an agreement over its future with its creditors and landlords, meaning its 751 care homes no longer face imminent closure.
The agreement was struck in a meeting between representatives of the struggling firm’s 80 landlords in London last night.
Daniel Smith, chairman of the Southern Cross landlords’ committee, said: “The landlords have agreed in principle that they will make significant financial concessions in order to achieve a sustainable solution. Our overriding concern at this time remains minimising disruption and concern for residents and their families.”