Abu Dhabi hospital operator NMC gets $325m to pay off salaries and make $65m credit payment | Banking – Gulf News:
The money is in the bank… all $325 million of it. That will be enough for NMC Healthcare to meet short-term payment priorities, including salary obligations for its 13,000 strong workforce and operational expenses.
With the new funds flowing in, the majority coming from ADCB, it also sets a marker for what is going to be an extremely complex corporate revival plan. This could see NMC selling key assets to regain a measure of financial strength and thus be better placed to pay off the debt pile – upwards of $6 billion - accumulated under the previous management.
The $325 million was released as part of NMC Healthcare coming under the mandate of ADGM (Abu Dhabi Global Market earlier this month. (It has been earmarked as ‘Administrative Funding Facility’.)
“The plan could be to sell healthcare assets in the UK and the whole of the Barcelona-based Clinica Eugin’s global assets," said a banker closely associated with the NMC restructuring process. “Both were acquired in recent years. These are financially sound businesses and should get valuations close to what the administrators would be hoping for.”
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