NMC Health hires advisers to oversee emergency debt restructuring

by

NMC Health hires team of advisers to oversee emergency debt restructuring after shares were suspended last week

By Daily Mail City & Finance Reporter

Published: | Updated:

NMC Health is in turmoil after the FCA launched a probe following devastating revelations about its finances

Scandal-hit NMC Health has appointed a string of heavyweight advisers to oversee an emergency restructuring of its debts after its shares were suspended last week.

The Middle East private hospital business is in turmoil after the Financial Conduct Authority launched an investigation following devastating revelations about the London-listed firm’s finances by US short-seller Muddy Waters.

Last week NMC admitted that unnamed businesses controlled by its Indian founder, BR Shetty, and a senior associate used the firm to arrange £260million worth of loans without telling board members or disclosing them to investors – a breach of stock market rules.

The firm has now hired investment bank Moelis & Co PwC and Allen & Overy as, respectively, financial, operational and legal advisers.

NMC said that it is now ‘fully focused on safeguarding operational liquidity to continue funding existing operations throughout its various subsidiaries’.

 

Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.

Source link