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
Rakesh... dont tell us that all those chant VM are Nationalists
And you cant force people to chant this....
Ibraheem Hussain, Udupi, any comments.
This is sad and not right at all , brothers fighting against each other. Those guys dont represent me .
I apology and prayer to the cop.
Walida-e-hind-ki Zindabad :)
Shave BABA RAMDEVS BEARD....very good to know he rejected say ---mantaram.
They never targetted him , this police man objected for vande mataram , so they thrashed him . so CD is misleading its readers .
I did not see any chaddi statement now. Is it tolerenance?
Shocking, the Great India is turning to intolerant India! credit goes to rulers of India and its state.
ONE WHO VOTED TO MODHIJII ACCHE DINNN LET THEM SEE THIS AND SELECT THIER FUTURE.
THIS PEOPLE FRIST SHAVE U R SWAMIJI BEARED THEN US....
MODHIJI IS FAKEJIIII
Acche din effect
Now Arnab will shout in Newshour that the Muslim policemen is an anti national.
Modi government has already gave all the RSS to take the law into their hand. May be one day will come that our nation will become like Pakistan and Afghanistan; if not controlled by these RSS mad dogs.
The Roots of EVIL : ARROGANCE; ENVY and GREED.
Knowledge makes people HUMBLE
Arrogance make people IGNORANT.
I think there are many Ignorants who say they are the superior . but they really are stupids and commit such acts which they themselves open the door of hell.
THIS IS ACHEE DEEN OF MODI
Add new comment