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."
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jaathi buddi yelli hogatte ... put him to jail for shouting Pro jihadist slogans .. haha one his ummah third rated fellow is giving long lecture ...
The story may be a different :
First of all the passenger I believe they are Muslims.
Secondly if two persons sitting together and if they talk anything
how others will come to know. Anyone talks loudly?
Thirdly talking about ISIS is a crime??? we always talk about these terrorists group and their killing innocents etc. Is this crime??
Even though if we assume they are supporters of ISIS , are they crazy to support and talk in public??
The reason may be different, simply to make this issue a big , the airlines crew made this drama.
WE ALL EVEN LOUDLY AND WITH ALL OUR SPIRIT SHOULD SAY
THAT THE ISIS IS A MOST DANGEROUS , CRUEL AND ANTI HUMAN TERRORIST ORGANIZATION AND WE SHOULD DO ALL OUT WAR AGAINST THESE DEADLY TERRORISTS.
send this ISIS lover to Iraq / Syria and let him enjoy there. such people are burden to our society. If he is so much interested in ISIS he should join them and no need to come to India.
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