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NMC Health identifies additional $2.7bn in debt
10th Mar 2020 18:22
(Sharecast News) - NMC Health said on Tuesday that its debt was "materially" higher than previously reported.
The troubled UAE healthcare operator said that in addition to the $2.1bn group debt reported at 30 June 2019, it has identified more than $2.7bn in facilities that had previously not been disclosed to or approved by the board, taking its total debt to around $5bn.
The company was informed of the additional debt by investment bank Moelis and auditor PwC, who were appointed earlier this month to support it in its discussions with lenders and assist in "providing transparency with respect to its financial position".
NMC said work on verifying the new figure is ongoing.
"NMC is continuing to work with its advisers to understand the exact nature and quantum of the undisclosed facilities. The board believes that some proceeds may have been utilised for non-group purposes," it said.
"NMC is fully focused on safeguarding its operational liquidity to continue funding existing operations throughout its various subsidiaries and recently successfully completed the payment of its February payroll."
The troubled UAE healthcare operator said that in addition to the $2.1bn group debt reported at 30 June 2019, it has identified more than $2.7bn in facilities that had previously not been disclosed to or approved by the board, taking its total debt to around $5bn.
The company was informed of the additional debt by investment bank Moelis and auditor PwC, who were appointed earlier this month to support it in its discussions with lenders and assist in "providing transparency with respect to its financial position".
NMC said work on verifying the new figure is ongoing.
"NMC is continuing to work with its advisers to understand the exact nature and quantum of the undisclosed facilities. The board believes that some proceeds may have been utilised for non-group purposes," it said.
"NMC is fully focused on safeguarding its operational liquidity to continue funding existing operations throughout its various subsidiaries and recently successfully completed the payment of its February payroll."