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
Bajrang Dal still exist in Mangalore because majority of followers are monkeys. They just goes with stupid and illiterate people without questioning their background. Most of Bajrang Dal leader either ex-ladies bar owner or conductors.(uneducated or criminals).
Monkey Dal gathered together to discuss their own created issues. They have nothing to discuss other than children's plays.
It's funny how these activists say a lie so many times and make it appear like the truth..I'm ashamed to call them hindus..because I have amazing Hindu friends (whom I believe are true hindus). Love jihad? What rubbish!this shows how much you cook up stories. Dont waste money on unnecessary programmes. Donate it to poors..so many are in need of money. Btw don't think muslim men are jobless. there are enough pious muslim girls in our country whom they can get married to. We are not in shortage.
Also need a discussion regarding hiring muslims in all job sectors across karnataka
Tigale gant marilu....bhoomig bhara
Mangalore was peaceful for quite sometime.....now again goons became jobless I hope.... smart city ... developments all gaya bhaad me...
Gaaf me dhum hai to try to stop your girls or punish them...your.people will throw you in garbage.....try that way.....
Discuss right now LOVE JIHAD founder is sitting in front of you (CHOTE MIA)I dont remember his name sitting on your extreme left. Why to spend Money start now itself.
Fake People.
I could not understand why these waste and burden to earth... hate mongers are talking on love jihad time and again whereas such issue does not exist in reality, but exists only in the mind and agenda of sangh parivar. This is to fool people and gain political benefit. Love Jihad is not a concept in any religion, particularly in Muslims and this is a fake + man made concept by sangh parivar. We, the peace loving people of karnataka should oppose and raise against these hate mongers.
After a long period of rest, culprits are back to trouble. Peace loving Mangalorean be careful and be happy with your family.
Indians in india cant eat beef but indian beef can be eaten in other parts of the world....what a joke....
Bajrangies go and stop exporting if you have got ba**s....
Jihad means a spiritual struggle within oneself against Sin.
Prophet Muhammad pbuh. taught us...
Alcohol destroys U and your family life
Gambling destroys U and your family life
Interest destroys U and your family (It may give a temporary enjoyment of the money lend to U by banks but in long term when U see most of the people have become BANKRUPT...
(Look Mallya - Whatever he owns did not benefit him...one day U will c the real color).
Quran says Trade is acceptable but not Riba (Interest).
True Muslims strive hard NOT TO involve in such evils of the society & They strive to stay away from these sins and also other such things in life...
God promises to give more when we follow his commandments ... it is not just for muslims but it should be recognized by the whole of mankind..
Most of the People are just listening to the ISLAM-HATERS and judging without verifying. But the CREATOR of all that exists asks us to use our INTELLECT and Verify before You come to any conclusion of any matter in your LIFE... if not YOU will be regretting later...
Love Jihad is fake and a creation of cheddi and its allies..who wants to spread corruption in the society.
Wonderful decision by wonderful lads of Bajji and Ranjjis, what you mean of \Cow Trafficking\" at present I am in HONG KONG really fantastic INDIAN BEEF Avails here, no problem at all, so these wonderful Tidy Bear??? Master Hamarappa Puranik only Barking, If he IS having GuTs, Strength let him ask Indian Prime minister Modianna, to Cancel Exporting Licence that is the Gentleman's work Keeping some Chelas around catching Labour, Driver, Butcher, Cleaner like humans.. they are catching and punishing that's women's work Annanna, come front line and catch real culprits.
NAREAN Bai where are you Sir?? Are you Near by !!!!! Keep it up Baisabb."
1) U have forgotten most important issue..... ban exporting of beef and find out how many of your goons are into this business....
2) At the right age with out if girls are married off, issues of love marriage maybe solved
3) drugs ok.....go ahead, nice step
For such matters press meet is not necessary, can be discussed within yourself
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