Hospital operator NMC Health secured financing facilities worth $250 million (AED 918 million), its administrators Alvarez & Marsal said.
The administrators said the loan will allow the hospital operator to continue to provide healthcare and is conditional on a planned second-phase of restructuring.
It will allow the funding to support operations and stop adverse creditor actions. NMC has also developed a three-year business plan, with a focus to deliver continued growth in its core UAE business.
The administrators said Perella Weinberg Partners has been retained as the investment bank to explore the potential sale of its international businesses and advise on restructuring alternatives.
According to data available with Argaam, in April NMC Health was placed into administration as per a High Court ruling in London following an application from ADCB.
NMC Health’s debt is estimated to be around $6.6 billion, according to a statement to London Stock Exchange.
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