It is NHP, Southern Cross's most important landlord by far as owner of 249 of Southern Cross's homes.

BBC: NHP controls fate of Southern Cross

However, the largest landlord, NHP, which owns 249 of Southern Cross's homes, is expected to stick with Southern Cross.

BBC: Southern Cross to lose hundreds of care homes

If NHP were to agree to cut rents payable by Southern Cross then Southern Cross would probably have a viable future.

BBC: NHP controls fate of Southern Cross

That said, and to repeat, if NHP's and Southern Cross's interests can be aligned, Southern Cross could perhaps have a viable future.

BBC: NHP controls fate of Southern Cross

The reason is that NHP has anything but a conventional corporate structure.

BBC: NHP controls fate of Southern Cross

So it is not at all clear who speaks for NHP.

BBC: NHP controls fate of Southern Cross

The problem is that NHP itself borrowed far too much, and is currently controlled by its creditors, a vast and disparate group of investors in bonds.

BBC: NHP controls fate of Southern Cross

Even so, the interesting question is whether it would be rational to merge NHP and Southern Cross, to create a business with more flexibility to cope with unforeseen changes in the economic climate.

BBC: NHP controls fate of Southern Cross

It is however proving incredibly difficult for Southern Cross to secure agreement from NHP on anything, even a general statement of intent that it will do all it can to ensure an orderly solution that doesn't harm residents.

BBC: NHP controls fate of Southern Cross

Which is why Southern Cross is offering to share future profits (if any) with landlords such as NHP that take a rent cut - and why it is proposing to transfer the operation of it's homes to any landlords with the expertise and appetite to take on that responsibility.

BBC: NHP controls fate of Southern Cross