UPDATE 1-Four Seasons up for sale as lenders reject deal

LONDON, July 7 (Reuters) - Lenders to debt-laden Four Seasons Healthcare have rejected the company's restructuring proposal and the British care home operator will now be put up for sale, its bond administrator said on Tuesday.

Four Seasons, which owes a total of 1.4 billion pounds ($2.27 billion), put a debt for equity deal to lenders in June, and gave them a July 6 deadline to agree to it, seeking to bring to an end a year-long tussle over how to cut its debt load.

Bond administrator Hatfield Philips said on Tuesday that following lenders' rejection of the deal it would now pursue "an orderly and well-managed sale of the group".

Four Seasons' restructuring proposal would have seen senior lenders take about half the company's shares in exchange for a big cut in its debt.

A sale could be risky for lenders since the value of Four Seasons' real estate assets have declined sharply since the peak of the credit boom.

The company's property portfolio was valued at 900 million pounds by Knight Frank LLP late last year but real estate values have fallen further since then.

($1=.6176 Pound)

(Reporting by Tom Freke)