KBBO Group, whose chairman was a significant shareholder in troubled hospital group NMC Health, appointed a team of restructuring advisers to help put together a plan to reorganise its outstanding liabilities to various creditors.
“The group has been challenged by its exposure to NMC [Health] in addition to the Covid-19 outbreak, which has impacted various operations,” KBBO said in a statement on Wednesday.
It said it “responded proactively, taking measures to reduce the impact and ensure the continuity of operations, especially across the healthcare and food businesses given their strategic importance to the national economy.”
KBBO was founded in 2008 and invested in a number of healthcare companies, including NMC Health and Emirates Healthcare. It also invested in the education, food & retail, financial services, information technology and ventures sectors.
The company did not disclose the scale of its debt, but said the objective of the restructuring was to deliver a fair and balanced outcome for all stakeholders.
The company appointed Trussbridge Advisory and PwC Middle East as financial experts. Hadef & Partners and Cleary Gottlieb Steen and Hamilton will advise on the legal aspects of any agreements, which will be worked out under the supervision of the Financial Restructuring Committee (FRC).
The FRC is a body set up in 2018 under the UAE’s bankruptcy law whose members include representatives from the Ministry of Finance, the Ministry of Economy, the Ministry of Justice, the Central Bank of the UAE, the Securities and Commodities Authority, and the Governments of Abu Dhabi, Dubai and Sharjah.
“In light of the current market conditions, we believe the appointment of a team of restructuring advisors and experts is a critical step to facilitate the financial restructuring of the group’s operating companies in a timely and efficient manner,” KBBO chairman Khalifa Bin Butti Al Muhairi said.
Mr Al Muhairi stepped down as vice chairman of NMC Health in February this year.
"The group’s underlying assets remain strong and I am confident that this process will mean the business can return to growth in the near future," Mr Al Muhairi said. "It is our intention to reach a fair and balanced outcome for all stakeholders."
MATCH INFO
Sheffield United 2 Bournemouth 1
United: Sharp (45 2'), Lundstram (84')
Bournemouth: C Wilson (13')
Man of the Match: Jack O’Connell (Sheffield United)
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
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.
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What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
Prophets of Rage
(Fantasy Records)
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Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
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