the group completed a financial restructuring in december 2009, with lenders – banks and other financial institutions – agreeing to swap about £780 million debt for equity in the business, so becoming its new shareholders. maturity of the remaining debt was extended to september 2012. four seasons was then trading profitably with an ebitda of over £100m pa. under calveley’s leadership the quality of care performance changed from below sector average, to having 89% of its homes rated as good or excellent by the care quality commission.