NMC Health $275mln rescue financing faces creditor opposition – sources

NMC Health $275mln rescue financing faces creditor opposition – sources

DUBAI- NMC Health has secured loan commitments worth $275 million in a deal which would allow the lenders to improve their prospects of recovering money already owed by the United Arab Emirates troubled hospital operator, two sources said.But the financing, which offers beneficial terms to the debt providers, has created heated discussions among NMC lenders in recent days, with some creditors asking to be more involved in the process, said the sources, who are familiar with the matter.NMC Health Plc, the London-listed holding company for the hospital group, went into administration in April amid allegations of fraud and the disclosure of more than $4 billion in hidden debts, leaving both UAE banks and overseas lenders with heavy losses and prompting legal battles.The company's administrators, Alvarez & Marsal, said last week