SCHE -3x Short China

TIDMSCHE

RNS Number : 1078F

Southern Cross Healthcare Grp PLC

18 April 2011

Monday 18 April 2011

Southern Cross Healthcare Group PLC

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

Lender Update

Southern Cross, the UK's largest care home operator, reported in its announcement of 14 March 2011 that its lenders were aware of an impending covenant breach. The Group is pleased to report it has agreed terms with its lenders so that the testing of all financial covenants has now been deferred until 31 May 2011. The Group is maintaining regular and constructive dialogue with its lenders who continue to be supportive and the Group's banking facilities remain fully available.

Enquiries:

 
 Southern Cross Healthcare Group 
  PLC                                        +44 (0)1325 351100 
 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 
 

About Southern Cross

Southern Cross is, in terms of number of beds, the largest UK provider of care home services for the elderly and a major provider of specialist services for people with physical and/or learning disabilities. The Group's care homes for the elderly operate under two distinct brands: Southern Cross Healthcare and Ashbourne Senior Living. Both brands provide a range of social and personal care services and nursing care services for elderly people with physical frailties and differing forms of dementia. The Group's specialist services operate under the Active Care Partnerships brand and provide long-term care services for people with physical and/or learning disabilities and for younger people with complex forms of challenging behaviour.

Southern Cross is focused on providing high quality care in well invested facilities, seeking to be the home of choice in each local community in which it operates. The Group provides care services for most of the local authorities in the UK which, together with the NHS, represent circa 78% of the Group's revenues. Its care home portfolio is largely purpose-built with a high percentage of single occupancy rooms and rooms with ensuite bathrooms.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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