Hospital operator NMC Health has secured a $250 million financing facility which will allow it to continue to provide healthcare, its administrators Alvarez & Marsal said, Reuters reported. The loan is conditional on a planned second-phase restructuring, Alvarez & Marsal said on Monday, after its London-listed holding company was forced into administration in April following months of financial turmoil.. The administrators said the restructuring would allow the funding to support operations and stop adverse creditor actions.

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

Troubled hospital operator NMC Health's entity in the United Arab Emirates (UAE), NMC Healthcare LLC, is considering applying for restructuring and insolvency proceedings locally, two sources familiar with the matter said.

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.

Dubai World has made a final $8.2bn payment to creditors, ending the most complicated and highest-profile restructuring to stem from the debt crisis that almost overwhelmed the Gulf emirate a decade ago, the Financial Times reported. Dubai was forced to raise $20bn in emergency loans in 2009 to cope with the credit crunch and to prevent a default by Dubai World’s main real estate arm that was heavily exposed to the then collapsing property market.

Joint administrators for Dubai-based NMC Health said on Thursday that the most likely exit option for the company was either dissolution or liquidation, Reuters reported. However, administrators from consulting firm Alvarez and Marsal Europe said it would not be possible to conclude the ultimate outcome of the process until all investigations into the company have progressed and the liability position is ascertained. NMC Health is the largest private healthcare provider in the UAE but came under scrutiny late last year when U.S.-based short-seller Muddy Waters criticised its finan

Owners of $1.2 billion in debt issued by Etihad and other airlines it partly owned have given the struggling Abu Dhabi carrier an ultimatum to agree to a restructuring or potentially face legal action, two sources close to the situation said, Reuters reported. The move is the latest turn in the unravelling of Etihad’s strategy to embark on global partnerships with airlines, the most high profile of which have since gone bankrupt.

The governments of Abu Dhabi and Dubai are discussing ways to prop up Dubai’s economy by linking up assets in the two emirates, with Abu Dhabi’s state fund Mubadala likely to play a key role in any deal, three sources familiar with the matter said, Reuters reported. Some economic sectors have come to a near standstill in Dubai during the coronavirus outbreak, and it faces its most severe downturn since a 2009 debt crisis. It lacks the oil wealth of Abu Dhabi to cushion the blow.

A financial scandal has swept through London and the United Arab Emirates, centered on allegations of fraud at the two core companies of the Abu Dhabi-based tycoon Bavaguthu Raghuram Shetty, Bloomberg News reported. Both NMC Health Plc and Finablr Plc have had their shares suspended in London, with NMC losing its place in the FTSE 100 index of leading U.K.-listed companies.

Emirates NBD has $23.66 million to the Dubai subsidiary of Phoenix Commodities which had recently filed for liquidation, Dubai’s biggest lender said on Tuesday, Reuters reported. Emirates NBD bank said in a statement that the exposure was to Phoenix Global DMCC, a unit of Phoenix Commodities Pvt Ltd. Phoenix, with offices in Dubai and Singapore, is being liquidated after amassing more than $400 million in potential trading losses, according a document prepared by the liquidators seen by Reuters. The document did not name the creditors but sources familiar with the company had