Debt levels said to soar to $5bn at troubled NMC Health - Arabianbusiness

Debt levels said to soar to $5bn at troubled NMC Health - Arabianbusiness:

Troubled healthcare operator NMC Health said on Tuesday that its debt levels have risen over the past six months and are currently estimated at $5 billion.

The announcement comes after UAE-based NMC hired Moelis and PwC to support the company in its discussions with lenders and to assist in providing transparency with respect to its financial position.

The board of NMC said it received an update on its financial position on Tuesday, with work on verifying the debt figure ongoing.

In addition to $2.1 billion group debt reported in June 2019, the company said it has identified over $2.7 billion in facilities that had previously not been disclosed to or approved by the board.

"NMC is continuing to work with its advisers to understand the exact nature and quantum of the undisclosed facilities. The board believes that some proceeds may have been utilised for non-group purposes," a statement said.