Four Seasons debt blow

THE consortium of banks that backed the takeover of the Four Seasons nursing-home chain by Qatari investment vehicle Delta Two is facing combined losses of up to £400m from its exposure to the £1.4 billion deal.

Delta Two has already had to inject a further £100m of equity into the company to avoid breaching banking covenants. The Qataris are struggling to refinance Four Seasons’ £1.2 billion debt by the September deadline.

Royal Bank of Scotland, which led the deal and has a seat on the Four Seasons board, is believed to be facing a £100m loss. Ten other banks, including Credit Suisse, are looking at combined losses of £300m.

Vodafone fees warning

VODAFONE will argue in a submission to the European Commission later this year that millions of customers could give up their mobile phones if proposals to reduce wholesale fees are forced through by telecoms commissioner Viviane Reding. The mobile giant says its research across eight European countries found mobile-phone penetration could fall from 85% to 75% if cuts were passed on in higher charges for light phone users on prepay tariffs.

Red faces for BP in Moscow

BP’s row with its Russian joint-venture partners descended into farce last week, after the dispute between the two sides erupted in front of Kremlin officials. Tim Summers, the chief operating officer of TNK-BP, was summoned to a hearing at the Moscow City Inter-Disciplinary Commission last week to attempt to resolve a long-running row over work visas. However, Viktor Vekselberg, one of the four Russian oligarchs who jointly own 50% of TNK-BP, also turned up at the hearing – and argued against Summers. As a result, a quarter of the foreign workers employed by TNK-BP could now be deported.

Insinger pulls out of Britain
THE Dutch investment bank Insinger de Beaufort is largely withdrawing from Britain after selling institutional broker Monument Securities for an undisclosed sum. It is being bought by Oakley Capital, a private-equity fund. Monument was acquired by Insinger three years ago for £15m. Martin Burton, who founded Insinger in 1991, will stay in charge.

Kuwaitis shop for hotels

A KUWAITI investment firm that owns luxury hotels across Africa and the Middle East is planning a shopping spree in Europe. Sovereign Hospitality Holdings has been looking to buy a luxury London hotel as the first step in a programme of acquisitions.



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