UAE News: Abu Dhabi's NMC Health Investor May Revamp Debt - Bloomberg:
Abu Dhabi-based KBBO Group, once one of NMC Health Plc’s biggest shareholders, plans to restructure its debt and is weighing strategic options for the business, people familiar with the matter said.
KPMG LLP is advising the privately-held investment firm on the asset review along with ways to address the company’s debt load, according to the people, who asked not to be identified because the information is private.
The company plans to negotiate with its creditors under a process supervised by the United Arab Emirates’ Financial Restructuring Committee, which was set up in 2018 to oversee out-of-court financial restructurings, one of the people said. It’s not immediately clear how much debt KBBO is looking to restructure.
KBBO Chairman Khalifa Bin Butti Omeir Al Muhairi stepped down as vice-chairman of embattled NMC in February amid confusion over the exact size of his stake in the hospital operator, which is being run by administrators Alvarez & Marsal Inc. after it succumbed to creditor demands.
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