Lenders to Four Seasons Healthcare, the heavily indebted care homes group, are considering a last-ditch plan for a restructuring that would about halve its £1.5bn debt. If there is no agreement, the company will be sold.

Four Seasons has been at a centre of a battle between creditors for more than a year over the terms of a restructuring. The situation has been watched as a potential precedent for the restructuring of companies with complex debt financing linked to property.