NMC Administrators Start Dismantling Top Mideast Hospital Owner - Bloomberg

NMC Administrators Start Dismantling Top Mideast Hospital Owner - Bloomberg:

NMC Health Plc’s administrators have started selling off assets of the troubled Middle Eastern hospital operator as they seek funds to pay back creditors, people with knowledge of the matter said.

Officials overseeing the process at restructuring specialist Alvarez & Marsal Inc. have invited bids for NMC’s distribution business, according to the people, who asked not to be identified because the information is private. Potential acquirers have been asked to submit offers this month, the people said. 

Administrators are planning to start a sale process for Abu Dhabi-based NMC’s lucrative fertility business as soon as June or July, the people said. They are considering eventually selling most of the company’s assets, potentially including the flagship hospital business, which is the biggest private health-care provider in the Middle East, the people said.

The moves mark the official beginning of the dismantling of NMC, once a member of London’s elite FTSE 100 index with a market value as high as $11 billion. NMC started unraveling in recent months after unearthing previously undisclosed debt and evidence of fraud, leading to the dismissal of top executives. Its downfall has roped in lenders including Barclays Plc, Standard Chartered Plc and the biggest banks in the United Arab Emirates.