UAE’s NMC Health appoints Moelis & Co to restructure debt, say sources

UAE-based healthcare firm, NMC Health, hired Moelis & Co to advise on debt restructuring and meet debt obligations, Reuters reported, citing sources familiar with the matter.

The sources said that Standard Chartered, First Abu Dhabi Bank (FAB), and HSBC are among the banks that provided debt to NMC, adding that the size of the loans could not be immediately determined.

In February this year, NMC Health Plc founder, B.R. Shetty resigned from the board of NMC amidst investor concerns that he faced a margin call and misrepresented his stake in the hospital operator.

In December 2019, Muddy Waters Capital LLC expressed its doubts about the financial statements of NMC Health, including its payment for assets, inflated cash balances, profits, and understated debt.

However, NMC denied the report published by Muddy Waters, clarifying that these claims were unfounded.

NMC operates the largest medical network in the UAE and in 2012 became the first Abu Dhabi company to list in London.