NMC Health Administrators Say They’re Near Bottom of Hidden Debt Pit - Bloomberg

NMC Health Administrators Say They’re Near Bottom of Hidden Debt Pit - Bloomberg:

NMC Health Plc’s administrators said that they’ve uncovered most of the hidden debt that caused the Middle East hospital operator to collapse.

The caretakers of the business are now looking into a range of options to recover some of those funds, Marija Simovic, managing director at Alvarez & Marsal, the restructuring specialist appointed as joint administrators in April, said in an interview Wednesday.

“Do we believe a majority of it has been identified? Yes. Is it 100%? No,” she said. Investigations into the alleged fraud continue to reveal new information, which the administrators and their legal teams are exploring further.

Those probes come amid a turnaround that will see NMC focus on its operations in the United Arab Emirates and Oman while considering the sale of the non-core international subsidiaries, including its lucrative fertility business. The unit is garnering strong global interest, with expressions of interest from more than 70 candidates, including the world’s biggest private-equity firms and a number of strategic buyers, Michael Davis, the acting CEO of NMC Health, said in the same interview.