March 2, 2020 / 7:51 AM / a month ago

NMC Health to ask its lenders for informal standstill on debt

DUBAI, March 2 (Reuters) - UAE-based hospital operator NMC Health said on Monday it would ask its lenders for an "informal" standstill on debt, as it confirmed the appointment of Moelis as a financial adviser to assist on talks with its banks.

The London-listed company also said it had hired PwC as an operational adviser to assist on liquidity management and operational measures, while Allen & Overy has been hired as a legal adviser.

Reuters reported on Sunday, citing sources, that NMC had hired Moelis to advise on a debt restructuring.

NMC "is asking for continued support and an informal standstill in relation to existing facilities from its lenders to achieve an immediate stabilisation of the group's financing", it said.

Britain's Financial Conduct Authority (FCA) said on Feb. 27 it would investigate the finances of NMC Health, whose shares were suspended on the London Stock Exchange last week. (Reporting by Saeed Azhar; Editing by Kirsten Donovan)

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