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
Goodman i agree with you,
couple of years ago there was a protest in bangalore opposing the casting of veena malik in dirty picture kannada version. The reasin of protest was not to cast a pakistani actress and replace with india actress but the movie name is dirty picture hahahahah, cant stop laughing
I will go with Kumar and Boom. You people are correct. It is not a public game. We should support for such unbehaviour activity.
The so called BD VHP Etc etc are intolerant except for Sunny Leone
If they call themselves as nationalist, savior of Indian cultural let them demand ban of Sunny Leone films in India and will support them
We are with you. But do it properly
This is definitely a double standard of whoever opposing here.
Because,
First go and stop all type of romantic scenery in your own Kannada film.
Also stop films from any language in Karnataka.
You allow everyone to go to film theatres and watch is happily, with your family, daughters, sons.
For you this is OK to enjoy on the big scree meanwhile when they do it really, you oppose them.
We shall appreciate you if you dare to stop all romantic scene in any film. If you start doing it, we the Muslims will support you and ready to join you.
You need brain to think it and strong heart to dare it.
Well Being a Muslim we never entertain such things.And no Muslim men or Women will go for such things nor we support them.That means we will not Manhandle any one for supporting them.
Let police handle the case.We dont have any rights to pin point others because there are many things which are there to correct within our self.Let us correct them first then will see others.
They will support \PREM CHUMBAN\" but, never \"Kiss of Love\""
LOBY, Just imagine...
If Your own daughters kissing each other in public... Will U like it?
Never ... So dont support such activities which even ANIMALS dont do it openly...
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