SCHE -3x Short China

TIDMSCHE

RNS Number : 5376J

Southern Cross Healthcare Grp PLC

30 June 2011

Thursday 30 June 2011

Southern Cross Healthcare Group PLC

('Southern Cross', 'the Company' or 'the Group')

Corporate Update

Southern Cross announces that it has reached agreement with its lenders on an extension to its banking facilities until the end of July. This further extension, in addition to the continuing deferral of rent with effect from 1 June, represents essential support from key creditors for the continuation of the four month financial restructuring process announced on 16 June. Shareholders should consider the value of their existing shares in this context.

Discussions concerning restructuring are continuing, with participants focused on agreeing a plan which provides for the continuity and quality of care for all of the Company's 31,000 residents. Christopher Fisher, Chairman of Southern Cross, commented: "We appreciate the continued support of our lenders and landlords as we work with them to develop and implement an agreed restructuring plan over the course of the next four months."

Enquiries:

 
Southern Cross Healthcare Group 
 PLC                                       +44 (0)1483 757 696 
Jamie Buchan, Chief Executive 
                                           ------------------- 
David Smith, Group Finance Director 
 Amy Kroviak, Director of Communications 
                                           ------------------- 
Financial Dynamics                         +44 (0)20 7831 3113 
                                           ------------------- 
John Waples/ Ben Brewerton 
                                           ------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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