NMC Health News: ADCB Asks U.K. Court for Administration - Bloomberg:
One of NMC Health Plc’s biggest creditors asked a court to put the troubled hospital operator into administration, prompting the company to counter that such an action would endanger the lives of people living in the United Arab Emirates as the coronavirus rages.
Abu Dhabi Commercial Bank PJSC said Saturday it applied on April 2 to the U.K.’s High Court for the appointment of administrators to take control of NMC Health and investigate alleged unauthorized activities.
NMC’s new executive chairman Faisal Belhoul had previously asked for patience from creditors, seeking a standstill on debt repayments to give the company time to prepare a recovery plan. In a later statement, he said he’s open to adding individuals to the board as recommended by ADCB and other creditors, and accused ADCB of disregarding the principles of the informal standstill accord.
“ADCB is putting its own interests above not only other creditors, but also the health and safety of UAE residents amid an escalating pandemic,” Belhoul said. Placing the company in administration would create “considerable downsides” on the community, country, the company and its creditors, he said.
Saturday, 4 April 2020
#Dubai imposes two-week lockdown as Gulf states step up coronavirus fight - Reuters
Dubai imposes two-week lockdown as Gulf states step up coronavirus fight - Reuters:
Dubai imposed a two-week lockdown Saturday night and Saudi Arabia sealed off parts of the Red Sea city of Jeddah as Gulf states tightened measures in big cities to contain the spread of the coronavirus.
Dubai had been under an overnight curfew along with the rest of United Arab Emirates since March 26 but its Supreme Committee of Crisis and Disaster Management said the lockdown would now run around the clock for two weeks, state news agency WAM said.
In neighbouring Saudi Arabia, the authorities announced a lockdown and a partial curfew in seven neighbourhoods of Jeddah also starting on Saturday as part of measures to contain the outbreak, the interior ministry said in a statement.
Saudi Arabia is the country worst hit by the pandemic in the six-nation Gulf Cooperation Council (GCC) group of Arab oil monarchies. It had reported 2,179 cases of confirmed infections up until Saturday and 29 deaths.
Dubai imposed a two-week lockdown Saturday night and Saudi Arabia sealed off parts of the Red Sea city of Jeddah as Gulf states tightened measures in big cities to contain the spread of the coronavirus.
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| FILE PHOTO: Police car patrols Al Ras district, famous for its gold and spice markets, after a full lockdown, following the outbreak of the coronavirus disease (COVID-19), in Dubai, United Arab Emirates, March 31, 2020. REUTERS/Christopher Pike/File Photo |
Dubai had been under an overnight curfew along with the rest of United Arab Emirates since March 26 but its Supreme Committee of Crisis and Disaster Management said the lockdown would now run around the clock for two weeks, state news agency WAM said.
In neighbouring Saudi Arabia, the authorities announced a lockdown and a partial curfew in seven neighbourhoods of Jeddah also starting on Saturday as part of measures to contain the outbreak, the interior ministry said in a statement.
Saudi Arabia is the country worst hit by the pandemic in the six-nation Gulf Cooperation Council (GCC) group of Arab oil monarchies. It had reported 2,179 cases of confirmed infections up until Saturday and 29 deaths.
Trump says he will consider tariffs on oil imports to protect U.S. jobs - Reuters
Trump says he will consider tariffs on oil imports to protect U.S. jobs - Reuters:
U.S President Donald Trump said on Saturday that he will consider imposing tariffs on oil imports as he criticized plans by other major global oil producers to cut output, suggesting the United States will not join them.
“It’s going to hurt a lot of jobs in our country, this price,” Trump told reporters during a daily briefing. “If I have to do tariffs...I’ll do whatever I have to do.”
The Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and its allies are working on a deal for an unprecedented oil production cut equivalent to around 10% of worldwide supply in what they expected would be a global effort including the United States.
The White House, however, did not make such a commitment after a Friday meeting with oil companies.
“I don’t care about OPEC,” Trump said, adding he believed the producer group was destroying itself.
U.S President Donald Trump said on Saturday that he will consider imposing tariffs on oil imports as he criticized plans by other major global oil producers to cut output, suggesting the United States will not join them.
“It’s going to hurt a lot of jobs in our country, this price,” Trump told reporters during a daily briefing. “If I have to do tariffs...I’ll do whatever I have to do.”
The Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and its allies are working on a deal for an unprecedented oil production cut equivalent to around 10% of worldwide supply in what they expected would be a global effort including the United States.
The White House, however, did not make such a commitment after a Friday meeting with oil companies.
“I don’t care about OPEC,” Trump said, adding he believed the producer group was destroying itself.
OPEC+ Meeting to Be Delayed on New #Saudi, Russia Rift - Bloomberg
OPEC+ Meeting to Be Delayed on New Saudi, Russia Rift - Bloomberg:
The OPEC+ meeting to try to end the oil price war is unlikely to go ahead of Monday as previously expected, as Riyadh and Moscow engaged on a war of words about who’s to blame for the collapse in oil prices.
The OPEC+ alliance needs more time for negotiations, a delegate familiar with th matter said, noting the meeting may still happen a few days later.
Saudi Arabia made a pointed diplomatic attack on Russian President Vladimir Putin, opening a fresh rift between the world’s two largest oil exporters and jeopardizing a deal to cut production.
In a statement early on Saturday, the Saudi Foreign Minister Prince Faisal bin Farhan said comments by Putin laying blame on Riyadh for the end of the OPEC+ pact between the two countries in March were “fully devoid of truth.”
The OPEC+ meeting to try to end the oil price war is unlikely to go ahead of Monday as previously expected, as Riyadh and Moscow engaged on a war of words about who’s to blame for the collapse in oil prices.
The OPEC+ alliance needs more time for negotiations, a delegate familiar with th matter said, noting the meeting may still happen a few days later.
Saudi Arabia made a pointed diplomatic attack on Russian President Vladimir Putin, opening a fresh rift between the world’s two largest oil exporters and jeopardizing a deal to cut production.
In a statement early on Saturday, the Saudi Foreign Minister Prince Faisal bin Farhan said comments by Putin laying blame on Riyadh for the end of the OPEC+ pact between the two countries in March were “fully devoid of truth.”
NMC Convertible Bondholders Tap PJT Ahead of Debt Restructuring - Bloomberg
NMC Convertible Bondholders Tap PJT Ahead of Debt Restructuring - Bloomberg:
NMC Health Plc convertible bondholders are working with PJT Partners Inc. as the troubled Middle Eastern hospital operator prepares for a restructuring, people with knowledge of the matter said.
PJT is advising a group of investors in NMC Health’s $360 million of convertible bonds due 2025, the people said, asking not to be identified because the information is private.
NMC Health’s known debt pile has more than tripled in recent weeks to $6.6 billion, up from the $2.1 billion reported at the end of June, after it uncovered borrowings that hadn’t been disclosed to the board. The company said March 24 it hired Matthew Wilde, the former head of PwC’s Middle East corporate finance and restructuring practice, as its chief restructuring officer to draw up a plan to address its indebtedness.
The hospital operator sold $450 million of convertible bonds in 2018 with an annual coupon of 1.875% in a deal led by JPMorgan Chase & Co. It bought back $90 million of the notes last year, paying investors 92.5% of their value. In addition to bank loans, it also has $400 million of Islamic bonds.
NMC Health Plc convertible bondholders are working with PJT Partners Inc. as the troubled Middle Eastern hospital operator prepares for a restructuring, people with knowledge of the matter said.
PJT is advising a group of investors in NMC Health’s $360 million of convertible bonds due 2025, the people said, asking not to be identified because the information is private.
NMC Health’s known debt pile has more than tripled in recent weeks to $6.6 billion, up from the $2.1 billion reported at the end of June, after it uncovered borrowings that hadn’t been disclosed to the board. The company said March 24 it hired Matthew Wilde, the former head of PwC’s Middle East corporate finance and restructuring practice, as its chief restructuring officer to draw up a plan to address its indebtedness.
The hospital operator sold $450 million of convertible bonds in 2018 with an annual coupon of 1.875% in a deal led by JPMorgan Chase & Co. It bought back $90 million of the notes last year, paying investors 92.5% of their value. In addition to bank loans, it also has $400 million of Islamic bonds.
It was Russia, not #SaudiArabia, that pulled out of OPEC+ deal: Saudi ministers | ZAWYA MENA Edition
It was Russia, not Saudi Arabia, that pulled out of OPEC+ deal: Saudi ministers | ZAWYA MENA Edition:
Saudi Arabia's foreign and energy ministers on Saturday denied Russia's claim that the Kingdom abandoned the OPEC+ deal, leading to a collapse in world oil prices.
In a statement carried by the Saudi Press Agency (SPA), Foreign Minister Prince Faisal bin Farhan said "a statement attributed to one of the media of President Vladimir Putin of the Russian Federation claimed that one of the reasons for the decline in oil prices was the Kingdom's withdrawal from the deal of OPEC + and that the Kingdom was planning to get rid of shale oil producers."
"The minister affirmed that what was mentioned is fully devoid of truth and that the withdrawal of the Kingdom from the agreement is not correct," the statement said.
In fact Saudi Arabia and 22 other countries tried to persuade Russia to make further cuts and extend the deal, but Russia did not agree, it said.
Saudi Arabia's foreign and energy ministers on Saturday denied Russia's claim that the Kingdom abandoned the OPEC+ deal, leading to a collapse in world oil prices.
In a statement carried by the Saudi Press Agency (SPA), Foreign Minister Prince Faisal bin Farhan said "a statement attributed to one of the media of President Vladimir Putin of the Russian Federation claimed that one of the reasons for the decline in oil prices was the Kingdom's withdrawal from the deal of OPEC + and that the Kingdom was planning to get rid of shale oil producers."
"The minister affirmed that what was mentioned is fully devoid of truth and that the withdrawal of the Kingdom from the agreement is not correct," the statement said.
In fact Saudi Arabia and 22 other countries tried to persuade Russia to make further cuts and extend the deal, but Russia did not agree, it said.
OPEC+ emergency meeting likely to be postponed to April 8 or 9: OPEC sources - Reuters
OPEC+ emergency meeting likely to be postponed to April 8 or 9: OPEC sources - Reuters:
OPEC and its allies will not hold their emergency virtual meeting on Monday and will likely postpone it until April 8 or 9 to allow more time for negotiations among oil producers on crude supply cuts, two OPEC sources said on Saturday.
OPEC and its allies will not hold their emergency virtual meeting on Monday and will likely postpone it until April 8 or 9 to allow more time for negotiations among oil producers on crude supply cuts, two OPEC sources said on Saturday.
#Saudi energy minister rejects Russian comments about kingdom's withdrawal from OPEC+ deal - Reuters
Saudi energy minister rejects Russian comments about kingdom's withdrawal from OPEC+ deal - Reuters:
The Saudi energy minister on Saturday rejected Russia’s remarks that the kingdom withdrew last month from a deal to cut output.
Prince Abdulaziz bin Salman was responding to comments made by his Russian counterpart on Friday, according to a statement carried by Saudi state news agency SPA.
“The Russian Minister of Energy was the first to declare to the media that all the participating countries are absolved of their commitments starting from the first of April, leading to the decision that the countries have taken to raise their production to offset the lower prices and compensate for their loss of returns,” Prince Abdulaziz said in a statement.
The Saudi energy minister on Saturday rejected Russia’s remarks that the kingdom withdrew last month from a deal to cut output.
Prince Abdulaziz bin Salman was responding to comments made by his Russian counterpart on Friday, according to a statement carried by Saudi state news agency SPA.
“The Russian Minister of Energy was the first to declare to the media that all the participating countries are absolved of their commitments starting from the first of April, leading to the decision that the countries have taken to raise their production to offset the lower prices and compensate for their loss of returns,” Prince Abdulaziz said in a statement.