Embattled NMC Health’s prospects of survival could rely on the company raising about $250 million (Dh918.2m) in debt as it reportedly prepares for insolvency proceedings, an analyst says.
Vijay Valecha, chief investment officer of Century Financial, said the amount could come from debtor-in-possession financing, which is available to companies that have filed for bankruptcy protection in the US.
“It enables the firm to continue or sustain its operations while it navigates from the bankruptcy process,” Mr Valecha said.
NMC was seeking to raise up to $250m in debt and it has picked Perella Weinberg Partners to advise on the process, Reuters reported on Thursday.
The former London-listed NMC holding company was forced into administration in April amid claims of fraud, mismanagement and the discovery of undisclosed loans worth $4.1bn.
Administrators Alvarez and Marsal said last month they were trawling through hundreds of thousands of documents and preparing interviews with directors to try to find out what could be retrieved for creditors.
Mr Valecha said those lenders with a large exposure to the hospitals operator were likely to finance the debt.
“It would help sustain NMC’s business operations, which in turn would improve the banks’ chances of recovering part of its outstanding debt," he said.
“If NMC does succeed in securing debtor-in-possession financing, it lets vendors, suppliers, creditors and customers know that it will be able to remain in business, provide services, and make payments for goods and services during its reorganisation.
"If the lender has found that the company is worthy of credit after examining its finances, it stands to reason that the marketplace will come to the same conclusion."
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
MATCH INFO
Quarter-finals
Saturday (all times UAE)
England v Australia, 11.15am
New Zealand v Ireland, 2.15pm
Sunday
Wales v France, 11.15am
Japan v South Africa, 2.15pm
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
THREE
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UAE currency: the story behind the money in your pockets
MATCH INFO
Azerbaijan 0
Wales 2 (Moore 10', Wilson 34')
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Teams
India (playing XI): Virat Kohli (c), Ajinkya Rahane, Rohit Sharma, Mayank Agarwal, Cheteshwar Pujara, Hanuma Vihari, Ravichandran Ashwin, Ravindra Jadeja, Wriddhiman Saha (wk), Ishant Sharma, Mohammed Shami
South Africa (squad): Faf du Plessis (c), Temba Bavuma, Theunis de Bruyn, Quinton de Kock, Dean Elgar, Zubayr Hamza, Keshav Maharaj, Aiden Markram, Senuran Muthusamy, Lungi Ngidi, Anrich Nortje, Vernon Philander, Dane Piedt, Kagiso Rabada, Rudi Second
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
More from Neighbourhood Watch:
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Mohammed bin Zayed Majlis
Scoreline
UAE 2-1 Saudi Arabia
UAE Mabkhout 21’, Khalil 59’
Saudi Al Abed (pen) 20’
Man of the match Ahmed Khalil (UAE)
