NMC Health hires Moelis for debt restructuring - sources
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard

Wednesday
August 17, 2022

Sign In
Subscribe
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
WEDNESDAY, AUGUST 17, 2022
NMC Health hires Moelis for debt restructuring - sources

Global Economy

Reuters
01 March, 2020, 08:35 pm
Last modified: 01 March, 2020, 08:37 pm

Related News

  • Abu Dhabi moves to restrict single-use plastics
  • PM Hasina reaches Abu Dhabi on 5-day official visit
  • Bangladesh condemns Houthi attack on Abu Dhabi
  • Abu Dhabi outshines Middle East markets in 2021
  • Abu Dhabi tightens entry requirements amid surge in Covid-19 cases in UAE

NMC Health hires Moelis for debt restructuring - sources

Britain’s Financial Conduct Authority (FCA) said on Feb. 27 it would investigate the finances of NMC Health, whose shares were suspended on the London Stock Exchange last week

Reuters
01 March, 2020, 08:35 pm
Last modified: 01 March, 2020, 08:37 pm
FILE PHOTO: General view of NMC specialty hospital in Abu Dhabi, United Arab Emirates, February 11, 2020. REUTERS/Satish Kumar
FILE PHOTO: General view of NMC specialty hospital in Abu Dhabi, United Arab Emirates, February 11, 2020. REUTERS/Satish Kumar

NMC Health, the UAE healthcare company, has hired Moelis & Co to advise on a debt restructuring, three sources familiar with the matter said on Sunday.

The sources said NMC had hired Moelis in relation to its ability to meet debt obligations.

Britain's Financial Conduct Authority (FCA) said on Feb. 27 it would investigate the finances of NMC Health, whose shares were suspended on the London Stock Exchange last week.

NMC, part of the FTSE 100 index of leading shares has said it would cooperate with the FCA and any other relevant authorities. It had earlier said it was focused on providing clarity to the market as to its financial position.

The company's shares have lost more than half of their value since last December when U.S. based short-seller Muddy Waters first questioned its financial statements. NMC's own review of its finances is being led by former FBI boss Louis Freeh.

Standard Chartered, First Abu Dhabi Bank FAB.AD and HSBC are among the banks that provided debt to the company, the three sources familiar with the situation said. The size of the loans could not be immediately determined.

NMC declined to comment on the hiring of Moelis or its ability to meet debt obligations. Moelis did not immediately respond to a request for comment outside working hours.

Spokespeople for HSBC and Standard Chartered declined to comment while First Abu Dhabi Bank did not immediately respond to a request to comment.

In the year that ended December 31, 2018, NMC Health entered a syndicated facility of $2 billion to settle an existing syndicated loan and for acquisition purposes, NMC has said in filings to the stock exchange.

The company's troubles have also been compounded by doubts over the size of shareholdings of major investors, including founder and former co-chair BR Shetty and former vice-chairman Khaleefa Butti Omair Yousif Ahmed Al Muhairi. These issues are also being looked into under a separate legal review.

Shetty founded NMC Health in mid-1970s and built it into the largest private healthcare company in the United Arab Emirates.

World+Biz

Abu Dhabi

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Representational image. Picture: Pixabay
    Price hike of baby food puts child nutrition at risk
  • Russia now offers Bangladesh finished oil
    Russia now offers Bangladesh finished oil
  • Traders are taking advantage of the situation: Tipu Munshi on recent price hikes
    Traders are taking advantage of the situation: Tipu Munshi on recent price hikes

MOST VIEWED

  • U.S. President Biden speaks to reporters while departing at Des Moines International Airport in Des Moines, Iowa, U.S., April 12, 2022. REUTERS/Al Drago
    Biden's emergency board calls for railroad wage hikes to resolve contract talks
  • Tesla CEO Elon Musk attends the Tesla Shanghai Gigafactory groundbreaking ceremony in Shanghai, China January 7, 2019. REUTERS/Aly Song
    Elon Musk says he is buying Manchester United
  • US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
    Dollar gains, euro recovers earlier losses
  • The Lebanese-flagged bulk carrier Brave Commander is seen in the sea port of Pivdennyi during loading with wheat for Ethiopia after restarting grain export, amid Russia's attack on Ukraine, in the town of Yuzhne, Odesa region, Ukraine August 14, 2022. REUTERS/Valentyn Ogirenko
    Turkey says five more grain ships leave Ukrainian ports
  • The Lebanese-flagged bulk carrier Brave Commander leaves the sea port of Pivdennyi with wheat for Ethiopia after restarting grain export, amid Russia's attack on Ukraine, in the town of Yuzhne, Odesa region, Ukraine August 16, 2022. REUTERS/Igor Tkachenko
    First post-blockade food aid ship leaves Ukraine for Africa
  • A diesel fuel tank at a supplier in the US.Photographer: Luke Sharrett/Bloomberg
    A storm brews in heating oil

Related News

  • Abu Dhabi moves to restrict single-use plastics
  • PM Hasina reaches Abu Dhabi on 5-day official visit
  • Bangladesh condemns Houthi attack on Abu Dhabi
  • Abu Dhabi outshines Middle East markets in 2021
  • Abu Dhabi tightens entry requirements amid surge in Covid-19 cases in UAE

Features

Photo: Collected

Which Nintendo Switch should you switch to?

18h | Brands
Photo: Collected

Welcome to the age of glass facades

1d | Habitat
Photo: Mumit M/TBS

Why artificial oyster reefs are the answer to our coastal embankments problems

1d | Panorama
Illustration: TBS

Anwar Group: From comb maker to owner of 20 companies

1d | Panorama

More Videos from TBS

BRT: A hazardous and troublesome project

BRT: A hazardous and troublesome project

3h | Videos
Reasons why wild animals are moving into cities

Reasons why wild animals are moving into cities

3h | Videos
Photo: TBS

Who is responsible for the Uttara girder tragedy?

3h | Videos
Photo: TBS

Evidence of negligence in Uttara girder tragedy

3h | Videos

Most Read

1
From left Afzal Karim, Murshedul Kabir and Mohammad Jahangir
Banking

Sonali, Agrani and Rupali banks get new MDs

2
Photo: TBS
Bangladesh

5 crushed to death as BRT girder falls on car in Uttara

3
Dollar price drops by Tk8 in kerb market
Economy

Dollar price drops by Tk8 in kerb market

4
Representational Image. Photo: Collected
Bangladesh

Air passengers should plan extra commute time to airport: DMP

5
Dollar crisis: BB orders removal of 6 banks’ treasury chiefs 
Banking

Dollar crisis: BB orders removal of 6 banks’ treasury chiefs 

6
Ambassador of Switzerland to Bangladesh Nathalie Chuard. Photo: Courtesy
Bangladesh

Bangladesh never asked for particular info from Swiss bank: Ambassador

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2022
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]