SCHE -3x Short China

TIDMSCHE

RNS Number : 5891K

Southern Cross Healthcare Grp PLC

18 July 2011

Monday 18 July 2011

Southern Cross Healthcare Group PLC

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

Restructuring Update

Southern Cross welcomes the announcement issued today by NHP, its largest landlord with 249 homes. The announcement provides further positive clarification on the restructuring process and the Company is encouraged by NHP's continued commitment to the welfare and care of residents.

In today's announcement, NHP has confirmed that at the end of the period of consensual restructuring, it plans to partner with Court Cavendish in the setting up of a new operating company for its homes. NHP has also said that it will continue to rely on the existing Southern Cross staff who manage its homes together with the back office services delivered by the Company's existing infrastructure in order to ensure continuity of both care and operations.

Jamie Buchan, Chief Executive of Southern Cross, said:

"Today's announcement from NHP is very positive indeed and should be welcomed by staff, residents and relatives as being in the interests of preserving resident care. Together with my team, I look forward to working closely with NHP and Court Cavendish in order to ensure a professional and seamless handover of operations."

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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