BMI Healthcare, which operates 59 hospitals and clinics across the UK, is within days of announcing that it has reached agreement with its landlords and other creditors about a deal to relieve the financial pressure on it.

Sources said on Tuesday night that under the outline terms being finalised, BMI ‎would see its yearly rent bill slashed from £150m to approximately £90m.

Funds including Centerbridge and Och-Ziff Capital Management will inject roughly £50m of new equity into the business, while the maturity of about £2bn of debt sitting on the balance sheet of BMI and General Healthcare Group, its property arm, is to be extended by six years.

By cutting BMI’s rent bill so substantially, the deal is ex‎pected to free up large sums of capital for the company to invest across its hospital estate.

Full Story: Sky News, 25 September 2018.

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