NMC Convertible Bondholders Tap PJT Ahead of Debt Restructuring

NMC Health Plc convertible bondholders are working with PJT Partners Inc. as the troubled Middle Eastern hospital operator prepares for a restructuring, people with knowledge of the matter said, Bloomberg News reported. PJT is advising a group of investors in NMC Health’s $360 million of convertible bonds due 2025, the people said, asking not to be identified because the information is private. NMC Health’s known debt pile has more than tripled in recent weeks to $6.6 billion, up from the $2.1 billion reported at the end of June, after it uncovered borrowings that hadn’t been disclosed to the board. The company said March 24 it hired Matthew Wilde, the former head of PwC’s Middle East corporate finance and restructuring practice, as its chief restructuring officer to draw up a plan to address its indebtedness. Read more