the following month the company warned it couldn't meet a £26m payment due in december without restructuring and if this was delayed the bondholders could potentially seize its assets of 360 nursing homes. this would probably lead to an intervention by the care quality commission (cqc). a restructuring was planned for november and four seasons' owners would add 24 care homes in exchange for reduced and delayed repayments of 175m of bonds maturing in 2020. in december the company narrowly avoided collapse after the principle bondholder agreed to wait until february 2018 for a restructuring proposal. according to the telegraph the cause of the four season's problem is a 90% reduction in the number of eu nurses and a cut in state funding.