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BRIEF-Spire Healthcare reaches settlement with patients of Ian Paterson​
September 13, 2017 / 11:36 AM / 10 days ago

BRIEF-Spire Healthcare reaches settlement with patients of Ian Paterson​

Sept 13 (Reuters) - Spire Healthcare Group Plc:

* ‍SPIRE HEALTHCARE, TOGETHER WITH OTHER RESPONDENTS, REACHES SETTLEMENT WITH PATIENTS OF IAN PATERSON​

* ‍FUND WILL PROVIDE COMPENSATION TO APPROXIMATELY 750 PATIENTS CURRENTLY BRINGING CLAIMS AGAINST SPIRE HEALTHCARE​

* FUND ‍WILL PROVIDE A MECHANISM FOR DEALING WITH ANY NEW CLAIMS BROUGHT BEFORE 30 OCTOBER, 2018​

* FUND WILL BE MANAGED BY LEAD SOLICITORS FOR CLAIMANTS

* SPIRE HEALTHCARE - ‍FUND WILL BE FUNDED BY SPIRE HEALTHCARE AND ITS CO-DEFENDANTS (OR, IN CASE OF IAN PATERSON, HIS INSURERS) CONTRIBUTING A TOTAL OF £37M TO FUND​

* ‍SPIRE HEALTHCARE‘S CONTRIBUTION WILL BE £27.2M INCLUDING A CONTRIBUTION TO SETTLEMENT COSTS​

* ‍SPIRE HEALTHCARE‘S CONTRIBUTION TO SETTLEMENT OF £27.2M WILL BE PAID OUT OF CASH RESERVES​

* SPIRE HEALTHCARE - ‍EXCEPTIONAL PRE-TAXATION CHARGE OF £27.6M WILL BE REPORTED IN RESULTS HY2017

* SETTLEMENT DOES NOT HAVE A MATERIAL IMPACT ON AVAILABLE FUNDING OR FINANCIAL COVENANTS ASSOCIATED WITH EXISTING INDEBTEDNESS

* ‍S PRIMARY LAYER OF INSURANCE, WITH RSA, HAS BEEN MATERIALLY EXHAUSTED​

* ‍A FURTHER £10M OF INSURANCE MAY BE AVAILABLE FROM RSA

* THERE IS ONGOING LITIGATION BETWEEN SPIRE HEALTHCARE AND RSA IN THIS REGARD​ Source text for Eikon: Further company coverage: (Bengaluru Newsroom)

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