Home Business News Troubled NMC Health hires advisors

Troubled NMC Health hires advisors

by LLB Editor
2nd Mar 20 8:19 am

Troubled UAE healthcare company, NMC Health, has hired advisers to help with talks with its banks and is asking “for continued support and an informal standstill in relation to existing facilities from its lenders to achieve an immediate stabilisation of the group’s financing”.

The company, which is being investigated by the UK’s Financial Conduct Authority, said it had hired Moelis to “support and advise on NMC’s discussions with its lenders”.

Reports at the weekend said that NMC had hired Moelis to advise on a debt restructuring.

Shares in NMC were suspended on the London Stock Exchange last week.

On Wednesday, NMC fired chief executive Prasanth Mangat with immediate effect and appointed current chief operating officer Michael Davis to the role on an interim basis.

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