NMC Health hires investment bank Moelis for debt restructuring
NMC Health has hired investment bank Moelis to advise on a debt restructuring, in the latest turn of events for the embattled healthcare operator.
Reuters reported that three sources familiar with the matter said NMC had hired the bank in relation to its ability to meet debt obligations.
Last week the Financial Conduct Authority announced it was launching an investigation into NMC just hours after trading in its shares was suspended.
The company’s shares have lost more than half of their value since the end of last year when short-seller Muddy Waters questioned its financial statements.
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NMC denied any wrongdoing and launched an review into the allegations, led by former FBI director Louis Freeh.
News of the probe came just after the hospital operator fired its chief executive and placed its finance chief on extended sick leave following an ongoing investigation of its finances.
Reuters’ sources said that Standard Chartered, First Abu Dhabi Bank and HSBC are among the banks that provided debt to the company.
The healthcare group’s struggles have been compounded by doubts over the size of major investors’ shareholdings, including those of founder BR Shetty and former vice-chairman Khaleefa Butti Omair Yousif Ahmed Al Muhairi, which are being examined under a separate internal review.