Hospital operator NMC Health was laced into administration in April with debts totaling $6.6 billion.
PHOTO BY ARCHIVE
DUBAI – Hospital operator NMC Health has secured a $250 million financing facility on condition of its planned second-phase restructuring.
The restructuring plan would allow the controversy-hit group to continue providing healthcare, administrators announced on Monday (August 3).
The group went into administration in April after months of turmoil over its finances.
The multi-million-dollar loan is referred to as debtor-in-possession (DIP) financing, a special financing meant for companies that are in bankruptcy.
Lenders permit DIP financing as it allows a company to continue operations, reorganize, and eventually pay off debts.
NMC Health has reportedly hired Perella Weinberg Partners to advise it on the process.
The group collapsed following allegations of fraud. It was revealed that NMC Health underreported its total debt to give investors false security. It was laced into administration in April with debts totaling $6.6 billion. ICA/Expat Media
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