UAE’s NMC Health asks for time on debts

Dubai: UAE-based hospital operator NMC Health said it would ask its lenders for an “informal” standstill on debt, as it confirmed the appointment of Moelis as a financial adviser to assist on talks with its banks.

The London-listed company also said it had hired PwC as an operational adviser to assist on liquidity management and operational measures, while Allen & Overy has been hired as a legal adviser.

NMC “is asking for continued support and an informal standstill in relation to existing facilities from its lenders to achieve an immediate stabilisation of the group’s financing”, it said.