Health Care Provider Ducks Tough Barclays Loan Doc Terms

Law360, London (July 31, 2019, 7:53 PM BST) -- An appeals court in London on Wednesday ruled that the owner of one of U.K.'s largest elderly care service providers can avoid "onerous" financial duties giving its creditors rights to its assets, finding the provision was accidentally drafted into a loan security deal with Barclays. 

The Court of Appeal said FSHC Group Holdings Ltd. never meant to expose itself to creditors or hold itself liable for the debts of other companies in the group when it agreed to provide security to the bank during buyout. 

Judges for the court said representatives for Barclays PLC and FSHC never contemplated the terms when the...

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