Kuwait International Bank is recouping some of the money it is owed by NMC Health, the healthcare group founded by BR Shetty that was placed into administration last year, by selling off its debt.
The lender is owed $74.11 million by NMC Health, but agreed to sell the debt for $13.25m, the company said in a statement to Boursa Kuwait, where its shares trade. It did not disclose the name of the buyer and said it had "fully provided" for the debt exposure in last year's accounts.
"The sale will be disclosed once executed and all relevant procedures are completed," KIB said.
Troubles at NMC Health, which grew from a single clinic into the UAE's biggest healthcare provider, began after a report by short seller Muddy Waters in 2019 accused the company of inflating its assets and understating its debt. An independent investigation following that uncovered more than $4.4bn of previously unreported debt and the company was placed into administration in April last year.
In an update to lenders in April, the company's administrator Alvarez & Marsal said it has received about $6.4bn of creditor claims to date, including about $6.3bn from a group of 136 financial creditors.
A further $650m of debt from another 10 main financial creditors was still outstanding and needed to be filed ahead of a deadline at the end of April.
Creditors are set to vote on NMC Health's future on June 15. The administrators are proposing a lender-led restructuring of the group, which would cut its debt to $2.25bn in return for exit instruments that could be cashed in at a future date once the business returns to growth and generates more value.
The proposal needs the support of more than 50 per cent of unsecured creditors. If this is not achieved, then a distressed sale or liquidation would take place . A distressed sale "is likely to yield a significantly lower recovery than a restructuring", administrators said, while liquidation of the business would lead to "little or no recovery" for the bulk of the company's creditors.
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
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Dengue%20fever%20symptoms
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Killing of Qassem Suleimani
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
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Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
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Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
