The breakup of Four Seasons Health Care, one of Britain’s biggest care home operators, has accelerated with the sale of a fresh tranche of sites, handing debt holders the first significant dividend since it collapsed into administration four years ago.

Administrators to Four Seasons put the bulk of its operations up for sale in 2022 after its holding companies fell into insolvency due to a ballooning debt pile. It engaged Christie & Co. to canvass buyers.

So far, 52 sites in its core portfolio have been sold. This week, it announced the sale of eight of those sites, and will pay holders of £350 million ($439 million) of secured notes a partial payment of £30 million in December, according to a company filing.

Four Seasons’ holding company fell into administration in April 2019 after a deterioration in its financial performance. It was previously owned by Terra Firma Capital Partners, the private equity firm led by Guy Hands. Terra Firma had paid £825 million for the business in 2012.

A large portion of its debt had been bought by H/2 Capital Partners, the US hedge fund run by financier Spencer Haber.

The financial crisis in Britain’s care homes raised questions about the structures used by operators, and the impact on elderly residents.

Four Seasons appointed Alvarez & Marsal to handle the administration of two holding companies, Elli Finance (UK) Plc and Elli Investments Ltd. Of the 111 homes it put up for sale, Four Seasons has decided to retain a third for the time being.

For Four Seasons, continuity of care for residents remains the priority, according to a spokesperson.

“The group is working closely with Christie & Co., potential buyers and other counter-parties, as well as all relevant regulators, to ensure that the sales process and any transition to new ownership is seamless,” the spokesperson said.

(Source corrects to remove reference to agreement on sale of freehold sites in fifth paragraph, which was not completed.)