NMC Lenders Tally Losses as ADCB Taps Lazard to Recover Funds - Bloomberg:
Collateral damage from the implosion of NMC Health Plc is piling up.
UAE Exchange, set up by the founder of the embattled hospital operator, defaulted on a loan of about $300 million, to a group that includes Goldman Sachs Group Inc., JPMorgan Chase & Co., Barclays Plc and Commercial Bank of Dubai PSC, according to people familiar with the matter. At the same time, it emerged that Abu Dhabi Commercial Bank PJSC hired Lazard Ltd. to advise on its more than $1 billion of exposure to the Abu Dhabi-based company.
Underscoring the cash crunch, NMC is braving the market mayhem triggered by the coronavirus pandemic to sell its distribution business, people familiar with the matter said. NMC is seeking as much as $300 million for the unit, they said.
London-listed NMC, founded by Indian entrepreneur Bavaguthu Raghuram Shetty, has seen its stock plunge before it was suspended from trading amid allegations of fraud. Its chairman and chief financial officer have resigned since the company revealed more than $4 billion of undisclosed debt, and the company has lost its elite status as a member of the FTSE 100 index.
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