-3x Short China Discussion Threads

[b1llyboy] 16/6/2011 00:41

Spam,spam,spam,spam.........spaaaaaaaaaaaaam.............wonderful,spam.

[b1llyboy] 16/6/2011 00:31

Latest quote from BBC at 22:15 pm.


"Landlords will agree to a compromise in order to allow the care home provider to remain solvent, the BBC's business editor, Robert Peston, has learned.


The restructuring may leave the Darlington-based firm with just 250 to 400 homes, with the others being taken over by different care providers.


But the biggest landlord, NHP, which owns 249 of the homes, is expected to stick with Southern Cross".

End.

...................And here's the kicker.


"The government has been putting intense pressure on landlords not to abandon Southern Cross, according to Robert Peston".

[b1llyboy] 16/6/2011 00:11

.

'Full support'
Southern Cross and its landlords issued a joint statement after the meeting.



"The company and the landlords will work towards a consensual solution to the company's current financial problems, which will be delivered over the next four months," it said.



"The business, including the delivery of care, will continue to be the responsibility of the Southern Cross board, management team and staff who have the full support of both the landlords and lenders in the delivery of this important task."

[b1llyboy] 15/6/2011 23:36

Smelgy.....

I totally agree with you, morally.
The share price should not/ will not have absolutely no immediate effect on the current situation of the residents....init

[smelgy] 15/6/2011 23:24

.............Outrageous than even anybody here can pontificate on the bull/bear case for this outfit.

Nobody should make a penny profit from the care of the elderly.

Disgusting.

I pray for 0p.

[smelgy] 15/6/2011 23:20

................Outrageous. 0p. The sooner the better.

Profit from the elderly? No thanks. I have rather higher morals than that.

To hell with this.

0p.

[smelgy] 15/6/2011 23:19

.....I hope this goes to 0p very soon. All you lot are worried about is making a fast buck for your stinking lives from the suffering and worry of the elderly.

0p cannot come soon enough here for me. Disgusting.

[smelgy] 15/6/2011 23:16

...........even 0p would be too much for you lot. Making money out of elderly people is immoral. This should NOT be in the private sector. Money greed immorality.

0p hopefully very soon.

[smelgy] 15/6/2011 23:13

................I pray for 0p.

[crosswire] 15/6/2011 23:03

Care home group Southern Cross reprieve after 11th-hour rescue talks

By Ruth Sunderland

Last updated at 10:42 PM on 15th June 2011

Struggling care home group Southern Cross and its landlords, lending banks and officials from the Department of Health have sealed a last-ditch agreement to help the company stay afloat.

Southern Cross – hovering on the brink of bankruptcy unable to pay its £230m a year rent bill – last night said the deal would secure continuity and quality of care to the 31,000 residents living in its 750 homes.

In a joint statement, Southern Cross and the committee of its landlords said they would 'work towards a consensual solution' over the next four months.


A restructuring committee made up of people from Southern Cross and its landlords will oversee the rescue plans, while the day-to-day delivery of care and running of the business will continue to be handled by the Southern Cross board, its management team and staff.

The 80 landlords earlier this week approved a draft plan to break up the business and take control of some homes but thorny details including whether current management, should be retained have yet to be decided.

The most likely outcome of the restructuring is that landlords take a rent cut and the group will be re-named and shrunk to just over half its current size.

Some landlords, including Four Seasons and Bondcare, are expected to take back homes and run them. Others will either appoint new operators or retain them in a smaller version of Southern Cross, which will operate under a new name. The biggest landlord of 'Son of Southern Cross' is expected to be NHP, which owns 249 homes and is itself in difficult financial straits.

Blackstone, the former private equity owner of Southern Cross (down 0.25p at 8.75p), floated the company on the stock market in 2006 with a business model that was incapable of weathering the slump. The private equity barons made £600m profit out of Southern Cross and NHP – also briefly owned by Blackstone before being sold to



Read more:

[still waiting] 15/6/2011 22:49

orderly wind down by the looks of it..

[b1llyboy] 15/6/2011 22:13

Should be a bit more meat on Newsnight 10.30 BBC 2,Paxman has been licking his lips lately on this un.

[approach3] 15/6/2011 21:58

BBC News. Southern Cross report that it has reached an agreement to that gives it 4 months to find a solution to its financial difficulties.It will continue to run all 751 homes during that time overseen by a restructuring committee made up of representatives of the company and its landlords. The process is still expected to lead to hundreds of the homes being run by other operators.