Four Seasons, the owner and manager of more than 400 nursing and care homes, has reached a third standstill agreement with its creditors, including Royal Bank of Scotland, until 22 July, allowing the company to stay in business, a source close to the situation told the Guardian.

Four Seasons, with about £1.5bn of debt, has been negotiating a debt restructuring with its creditors since August. The complexity of its debt - which includes 35 different lenders and 11 tiers of debt - has contributed to the delays.

RBS is the company's largest creditor, the source said. Four Seasons declined to comment.

The Cheshire-based operator, which employs 21,000 people, survived turmoil in August after its previous owner, Qatar Investment Authority, walked away from the debt negotiations, assuming it had lost all its equity investment.

The Guardian