Alliance Medical, a UK medical services business owned by a top Dubai private equity firm, has secured a two month extension to restructuring talks as it continues to seek a buyer, people close to the discussions said.
Senior lenders of Alliance Medical, which is owned by Dubai International Capital [DUBAHP.UL], have agreed to extend a standstill agreement that was due to expire on Sept. 16 to mid-November, after the firm received expressions of interest from potential bidders on Monday, the sources said.
The extension gives Alliance Medical time to either clinch a deal with a buyer, after it was put up for sale at the end of August at the behest of senior lenders, or put together a new one with incumbent owner DIC, the private equity vehicle of Dubai's royal family."
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