UAE
NMC Administrators Say They’re Near Bottom of Hidden Debt Pit

(Bloomberg) — NMC Health Plc’s administrators said that they’ve uncovered most of the hidden debt that caused the Middle East hospital operator to collapse.
The caretakers of the business are now looking into a range of options to recover some of those funds, Marija Simovic, managing director at Alvarez & Marsal, the restructuring specialist appointed as joint administrators in April, said in an interview Wednesday.
“Do we believe a majority of it has been identified? Yes. Is it 100%? No,” she said. Investigations into the alleged fraud continue to reveal new information, which the administrators and their legal teams are exploring further.
Those probes come amid a turnaround that will see NMC focus on its operations in the United Arab Emirates and Oman while considering the sale of the non-core international subsidiaries, including its lucrative fertility business. The unit is garnering strong global interest, with expressions of interest from more than 70 candidates, including the world’s biggest private-equity firms and a number of strategic buyers, Michael Davis, the acting CEO of NMC Health, said in the same interview.
“The message is still that this is not a fire sale, this is a global IVF platform, of which only a few exist in the world,” he said.
Founded by Indian entrepreneur Bavaguthu Raghuram Shetty, NMC had a market value of $10 billion at its peak on the London Stock Exchange before allegations of fraud pushed it into administration. The firm has revealed more than $4 billion of undisclosed borrowings, giving it a total debt of $6.6 billion. Shetty has said that he is the victim of a fraud that also resulted in the administration of NMC’s sister company, foreign-exchange operator Finablr.
-
Economy2 months ago
Is Gold a Good Investment in 2025? A Deep Dive into the Precious Metal’s Future
-
Alamaliktistaad Magazines2 months ago
Al-Iktisaad, March 2025
-
OER Magazines2 months ago
OER, March 2025
-
Automotive1 month ago
South Korea Plans to Support Auto Sector with US$2B Following US Tariffs
-
News2 months ago
Nothing Phone 3a and 3a Pro launches in the Middle East
-
News1 month ago
Oman Oil Prices Witness Drop Amid Shifting Global Trade Dynamics
-
News1 month ago
Aligning HR Strategies with Oman Vision 2040: A Roadmap for Organisational Growth – OER Business Summit 2025
-
News2 months ago
Omantel Partners with TeKnowledge to Enhance Employee Skills in AI & Data Science