NMC in talks with lenders to avoid administration

FILE PHOTO: General view of NMC specialty hospital in Abu Dhabi, United Arab Emirates, February 11, 2020. REUTERS/Satish Kumar/File Photo

(Reuters) – Troubled hospital group NMC Health (NMC.L) said on Monday it is in talks with Abu Dhabi Commercial Bank ADCB.AD, seeking to convince it to withdraw an application that the lender had filed proposing that NMC be placed under administration.

The resolution with lenders is likely to involve changes to corporate governance at the company and the composition of the board itself, said NMC, which has been struggling with high debt and management issues.

On Sunday, Emirates NBD ENBD.DU and Dubai Islamic Bank DISB.DU disclosed hundreds of millions of dollars of exposure to NMC.

Reporting by Muvija M in Bengaluru; Editing by Bernard Orr

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Source: Reuters