Nursing homes: Southern Cross in emergency talks over £46m loan deadline - The Guardian 1st July 2008

Southern Cross Healthcare, Britain's largest operator of care homes for the elderly, has been forced into emergency talks with its banks after yesterday failing to meet a £46m loan repayment deadline, busting through a significant debt covenant. The heavily indebted group has been unable to sell a number of property assets to repay costly bridging loans used to fund a rush of care home purchases in recent months.

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