UAE Firm Hires Restructuring Expert for $2 Billion Debt Revamp - Bloomberg:
Abu Dhabi-based KBBO Group, once one of NMC Health Plc’s biggest shareholders, has hired a turnaround specialist to restructure its $2 billion debt pile, people familiar with the matter said.
The privately-held investment firm with assets in health care and food named Bruno Navarro as its chief restructuring officer, the people said, asking not to be identified because the matter is private.
Navarro has been involved with some of the biggest and most complex debt situations in the Middle East as head of restructuring at Abu Dhabi Commercial Bank PJSC and Abu Dhabi Islamic Bank PJSC. He has also worked at the International Finance Corporation, a World Bank affiliate, on restructurings in Latin America and Southeast Asia.
KBBO has about $2 billion in debt that needs to be renegotiated, leaving banks in the United Arab Emirates potentially exposed to another financial hit even as they grapple with a spike in bad loans amid the coronavirus pandemic.
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