UK - Advent set to submit second round bid for Craegmoor

Advent's main competitor in the auction is nursing home operator Southern Cross Healthcare, with the process said to be a key test of investor appetite for healthcare assets after the credit crunch.

Craegmoor is currently owned by LGV, which acquired the business in 2001. The company is valued at approximately £300m. Craegmoor underwent a £255m refinancing with the Royal Bank of Scotland in October 2007 and another refinancing is reported to be due by March 2009.

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