Lenders to Four Seasons Healthcare, the heavily indebted care homes group, are considering a last-ditch plan for a restructuring that would about halve its £1.5billion debt. If there is no agreement, the company will be sold.
Four Seasons has been at a centre of a battle between creditors for more than a year over the terms [...]
General Growth Properties (GGP), America’s second-largest mall owner, shut it’s doors because it could not refinance it’s short term debt. Many other property owners are in negative equity or have insufficient positive equity to meet banks tougher criteria for refinancing, if their bank has the capital.
GGP filed for Chapter 11 bankruptcy protection on April 16th. [...]
PFI now means Public Finance Initiative as Treasury directly supports stalled projects with £2 billion
The government said today it would support public building projects worth billions of pounds at risk of being stalled by the credit crisis.
“The action will ensure that crucial and valuable public investment will not be disrupted by problems in the financial [...]
It’s not just homeowners who are facing up to the prospect of negative equity. The big property developers will also suffer from the condition next year, and if they do Britains banks will use more of their scarce capital to make provisions for them.
According to Morgan Stanley, falls in the value of the UK commercial [...]