Abu Dhabi-based NMC Healthcare has reportedly received bids to sell its distribution unit and will soon be selling it to different parties.
The development comes over three months after NMC Healthcare’s founder and then-chairman B R Shetty stepped down amid allegations of massive fraud.
The company, which recently laid off hundreds of workers, is offloading stake in the subsidiary as it is considered non-core and requires substantially high working capital to run the operations. In addition, this stake sale will help the company pay off some of its debt
"There are parties who have strong interest in the distribution business. NMC will be offloading the unit soon and that also to different parties," a source said.
"The company is in the process of exploring options for NMC Trading, the group's distribution business, which it has determined to be non-core and requiring substantial levels of working capital. The process should not materially adversely impact distributors' activities, nor NMC Trading's customers," an NMC Healthcare spokeswoman said.
The UK-court has appointed Alvarez & Marsal as administrator to oversee the operations of the debt-ridden hospital operator. The healthcare firm has been caught in a whirlpool of $6.6 billion debt while its senior former high management team is under investigation for financial irregularities.
The UAE Central Bank has direct local banks to freeze all bank accounts of NMC founder BR Shetty and his family members as well as accounts of those companies where he has a stake. The Central Bank move is subsequent to a criminal complaint filed by Abu Dhabi Commercial Bank, which has the largest exposure to NMC Healthcare, amounting Dh3 billion.
As the company faces financial difficulties, Reuters reported that NMC Health delayed May staff salaries and now expects to complete making payments by the first week of June.
The spokeswoman said: "The company has been in regular dialogue with its creditor constituencies through various creditor committees, including the direct bank lenders to its NMC Trading businesses."
Comments
Moral classes for Immoral activities
Oops..Producing some more minor terriorists,,, we have minor cell,,, No issue,, Upon blessing of Saffron Govt,,, documents missing.. as Malegaon blast.. Samajotha blast,,, Release BHAGYA,,,
70% is Hindu population of the nation and if at least 25% are illiterate, still they are more than peace loving community.
However they have at least other 25% educated in them.
The one and only the best solution is target these educated people in conveying the true religion. When they are with you, India will be peaceful country by force.
After sometime it will be peaceful country without force.
Pardon them Lord. These chaddies are ignorant goons. They do not know the fact that what they are doing is selling Bharat maatha to the West.
first of all who are they to teach (rss) ? are they govt? supreme court should stop this kind of nonsense.
INDIAN LAW AND ORDER MUST FOCUS ON THIS CLASSES AND NEED TO TAKE VIDEOS AND CLARIFY,
BEC WE DONT KNOW WHAT THEY ARE TRAINING TO YOUNG CHILDREN
BEC WE DONT WANT ANY TERROR GROUP HERE IN INDIA ...
Cheddis are controlling even our leaders ... We have recognized their cheddi trained MORALS after coming to POWER...
Please DEFINE what is MORALS to YOU>....
Brain washing classes.
RSS and Moral - you must be joking.....where was their moral when they killed Mahatma Gandhi???
Time has come to vanish this terrorist group from INDIA. Hope peace loving INDIANS will do the same very shortly.
Jai Hind
We are seeing what kind of products are coming out from RSS schools. Bajrangdal, VHP, SRS, all immoral rowdies.
Add new comment