NMC seeks up to $250M ahead of insolvency proceedings

dubai — Hospital operator NMC Health is looking to raise up to $250 million in debt while it prepares for insolvency proceedings in the UAE and has picked Perella Weinberg Partners to advise it on the process, sources said.

The company, run by administrators Alvarez & Marsal, has also tasked Perella to advise it on the sale of UK-based Aspen Healthcare, a company it acquired in 2018, the two sources familiar with the matter said.

NMC Health Plc, the London-listed holding company for the hospital group, went into administration in April after months of turmoil over its finances.

Its UAE entity is considering to apply for insolvency under the jurisdiction of Abu Dhabi Global Markets (ADGM), sources have previously told Reuters, to obtain protection from the court from any enforcement from creditors, similar to Chapter 11 in the United States.

The $250 million loan, referred to as debtor-in-possession financing, would help sustain operations and cover advisers’ fees while the company navigates insolvency proceedings, the sources said.

The financing is contingent on ADGM accepting NMC’s filing under its jurisdiction, one of them added.

NMC Health’s administrators declined to comment and Perella did not immediately respond to a request for comment. —