Abu Dhabi Commercial Bank in talks with NMC Health over $981 million debt exposure - Reuters:
Abu Dhabi Commercial Bank (ADCB) (ADCB.AD) is in talks with troubled UAE hospital operator NMC Health (NMC.L) to tackle the company’s financial defaults, the bank said on Thursday.
ADCB has an exposure of about $981 million (792.02 million pounds) to NMC, which represents less than 1% of the bank’s total assets, it said.
“The bank has initiated discussions with the NMC Health Group and other substantial creditors to implement appropriate solutions to address the company’s financial defaults, governance and other issues,” it said in a bourse filing.
London-listed NMC, which could not be immediately reached for comment, has recently revised its debt position to $6.6 billion, much higher than earlier estimated.
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