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NMC Health identifies over $2.7 billion in undisclosed debt - News - Gulflance

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January 23, 2021
Gulflance
Home » NMC Health identifies over $2.7 billion in undisclosed debt – News
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NMC Health identifies over $2.7 billion in undisclosed debt – News

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The news of undisclosed debt comes a day after GKSD Investment Holding pulled out of a bid for NMC.

NMC Health said on Tuesday that it had identified over $2.7 billion in debt that had not been disclosed to its board earlier, taking its total debt to around $5 billion.

“The board believes that some proceeds may have been utilised for non-group purposes,” said the troubled company, which has appointed Moelis and PriceWaterCoopers to assist in talks with lenders.

The news of undisclosed debt comes a day after GKSD Investment Holding pulled out of a bid for NMC, in the latest sign of potential buyers walking away from the deal.

NMC Health, the UAE-based hospital operator, has been embroiled in a series of set backs since December when US-based short-seller Muddy Waters questioned its financial statements. Ever since, the company’s shares have dropped dramatically, losing about two-third of their value.

Earlier this month, NMC said it would ask for an informal standstill on debt to stabilise its finances. It had reported $2.1 billion debt in June.

London-listed NMC said on Tuesday it was working with its advisers to understand the exact nature and quantum of the undisclosed debt.





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