UAE's KBBO Group Appoints Advisers for Debt Restructuring

KBBO Group, whose chairman is a significant shareholder in troubled hospital group NMC Health, said on Wednesday it had hired advisers to restructure outstanding liabilities, Reuters reported. The group has appointed Trussbridge Advisory and PwC Middle East as financial experts, while Hadef & Partners LLC and Cleary Gottlieb Steen and Hamilton LLP have been appointed as legal advisers, it said in a statement. It did not disclose its outstanding debt. “The Group has been challenged by its exposure to NMC in addition to the COVID-19 outbreak, which has impacted various operations,” it said, without detailing its exposure to NMC. Khalifa Bin Butti, who is chairman of KBBO Group, earlier this year resigned as vice chairman of NMC after UK regulators said they were looking into the company after news that founder and chairman B.R. Shetty had inaccurately disclosed the size of his stake in the business. Read more