Southern Cross CEO to leave
Southern Cross Healthcare said Thursday Chief Executive Bill Colvin is to leave the company, as it announced another tranche of property sales.
Bush says ready to delay Africa trip over spy billThe country's biggest care home operator said Colvin is to leave the board "by mutual consent" in due course.
The latest tranche of property sales and long-term leasebacks covers seven care homes for a total cash consideration of 20.7 million pounds, giving a book loss of 3 million pounds.
The sale is part of a programme by the company to raise money to pay off a credit facility that the company raised earlier this year to fund additional acquisitions.
The company has raised a total of 51.8 million pounds and the combined balance of the loans will be cut to 33.4 million.
In June this year Southern Cross announced the departure of finance chief Jason Lock after issuing a profit warning and saying it had to extend its credit facility with banks because it could not sell the property.
(Editing by David Holmes)
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