NMC Health Plc (NMC LN) News: Which Hedge Funds in Debt Talks - Bloomberg:
Sculptor Capital Management Inc. and Farallon Capital Management LLC are among top distressed debt investors preparing for restructuring talks involving NMC Health Plc, the hospital operator whose collapse has entangled global and regional banks.
Redwood Capital Management LLC and Silver Point Capital LP are also among bondholders, according to people with knowledge of the matter. Distressed investors typically buy the debt of troubled companies at a discount, with the aim of making a return from its turnaround.
NMC started unraveling in December, when short seller Muddy Waters Capital LLC alleged it overpaid for assets and understated debt. The company has since had its shares suspended on the London Stock Exchange, fired its chief executive officer, sought a debt standstill, and uncovered evidence of fraud. Its demise has roped in lenders including Barclays Plc, Standard Chartered Plc and the biggest banks in the United Arab Emirates.
Investors in the company’s convertible bonds and sukuk have formed a committee to negotiate with the administrators of NMC and are being advised by law firm Weil Gotshal & Manges LLP, the people said, asking not to be identified because the information is private. Bank lenders have already formed a coordinating committee to restructure NMC’s $6.6 billion of debt.
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A pedestrian passes the NMC Royal Hospital in Dubai.
Photographer: Christopher Pike/Bloomberg |
Sculptor Capital Management Inc. and Farallon Capital Management LLC are among top distressed debt investors preparing for restructuring talks involving NMC Health Plc, the hospital operator whose collapse has entangled global and regional banks.
Redwood Capital Management LLC and Silver Point Capital LP are also among bondholders, according to people with knowledge of the matter. Distressed investors typically buy the debt of troubled companies at a discount, with the aim of making a return from its turnaround.
NMC started unraveling in December, when short seller Muddy Waters Capital LLC alleged it overpaid for assets and understated debt. The company has since had its shares suspended on the London Stock Exchange, fired its chief executive officer, sought a debt standstill, and uncovered evidence of fraud. Its demise has roped in lenders including Barclays Plc, Standard Chartered Plc and the biggest banks in the United Arab Emirates.
Investors in the company’s convertible bonds and sukuk have formed a committee to negotiate with the administrators of NMC and are being advised by law firm Weil Gotshal & Manges LLP, the people said, asking not to be identified because the information is private. Bank lenders have already formed a coordinating committee to restructure NMC’s $6.6 billion of debt.
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