Posts tagged 'General Healthcare'

Vultures circle GHG as restructuring looms

Distressed debt investors are circling General Healthcare Group, the FT says, in expectation that the UK’s largest private hospital operator by revenue will be forced to restructure its heavily indebted financial set-up. The special situations arm of KKR  is one of the funds that has bought some of the hospital company’s debts, the newspaper says, citing people familiar with the matter. KKR declined to comment. GHG operates 70 hospitals and treatment centres across the country and employs 15,000 people. But the company was straddled with £1.9bn of gross debt in the 2006 acquisition by Netcare, the South African healthcare group; Apax Partners, the private equity investor; and two property investors.

Lenders to flip Linpac

Lenders to Linpac are planning to break up and sell Europe’s biggest food packaging group as part of a growing push by banks to flip assets back into the market after taking them over via debt restructurings. UK-based Linpac was taken over by lenders, including Deutsche Bank and Lloyds, late last year, wiping out Montagu Private Equity, which bought Linpac for £860m in 2003. Meanwhile, Lloyds also plans to sell UK-based Covenant Healthcare to its bigger rival General Healthcare Group, after taking it over from buy-out firm Cognetas.