Last checked at 
By Davide Barbuscia and Saeed Azhar
DUBAI, March 1 (Reuters) - NMC Health, the UAE
healthcare company, has hired Moelis & Co to advise on a
debt restructuring, three sources familiar with the matter said
on Sunday.
The sources said NMC had hired Moelis in relation to its
ability to meet debt obligations.
Britain's Financial Conduct Authority (FCA) said on Feb. 27
it would investigate the finances of NMC Health, whose shares
were suspended on the London Stock Exchange last week.
NMC, part of the FTSE 100 index of leading shares has said
it would cooperate with the FCA and any other relevant
authorities. It had earlier said it was focused on providing
clarity to the market as to its financial position.
The company's shares have lost more than half of their value
since last December when U.S. based short-seller Muddy Waters
first questioned its financial statements. NMC's own review of
its finances is being led by former FBI boss Louis
Freeh.
Standard Chartered, First Abu Dhabi Bank
and HSBC are among the banks that provided debt to the
company, the three sources familiar with the situation said. The
size of the loans could not be immediately determined.
NMC declined to comment on the hiring of Moelis or its
ability to meet debt obligations. Moelis did not immediately
respond to a request for comment outside working hours.
Spokespeople for HSBC and Standard Chartered declined to
comment while First Abu Dhabi Bank did not immediately respond
to a request to comment.
In the year that ended December 31, 2018, NMC Health entered
a syndicated facility of $2 billion to settle an existing
syndicated loan and for acquisition purposes, NMC has said in
filings to the stock exchange.
The company's troubles have also been compounded by doubts
over the size of shareholdings of major investors, including
founder and former co-chair BR Shetty and former vice-chairman
Khaleefa Butti Omair Yousif Ahmed Al Muhairi. These issues are
also being looked into under a separate legal review.
Shetty founded NMC Health in mid-1970s and built it into the
largest private healthcare company in the United Arab Emirates.
(Editing by Jane Merriman)
