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NMC Health says over 60 bidders have shown interest in international fertility business

Wed, 19th Aug 2020 15:42

By Saeed Azhar

DUBAI, Aug 19 (Reuters) - Hospital group NMC Health has
received expressions of interest from more than 60 potential
bidders for its international fertility business, one of the
first non-core assets it plans to sell as part of a recovery
plan, its acting CEO said on Wednesday.

NMC Healthcare LLC plans to file for administration in Abu
Dhabi, the UAE-based hospitals operator said, as it targets a
three-year recovery plan involving a debt moratorium, debt
restructuring and asset sales.

NMC's acting CEO Michael Davis and Marija Simovic, managing
director of NMC's administrators Alvarez & Marsal, told Reuters
the Boston IVF business may be included in the sale process
alongside the Spain-based Eugin IVF unit.

Reuters reported in June that the administrators of NMC have
selected Perella Weinberg Partners to advise on the sale.

"We're just going through round one now. Some of those
people will drop off on their own and some of them will
shortlist based on their ability to raise funds and their
knowledge of the portfolio and the business," Davis said.

"This is not a fire sale. We're not relinquishing these
businesses at a discount," he said, adding the underlying
businesses of NMC are strong.

The administrators are also weighing the sale of UK-based
hospital operator Aspen, but a formal process is yet to begin.

Davis said his preference would be for the core businesses
of NMC, which is UAE's biggest private hospital operator, to
remain intact.

NMC's difficulties amid allegations of fraud and the
disclosure of more than $4 billion in hidden debt has left some
UAE and overseas lenders with heavy losses and prompted legal
battles to try and recover money owed.

Alvarez & Marsal's Simovic said the filing for
administration to the Abu Dhabi financial centre will happen "as
soon as possible" and it is working with all of the lenders on
this planned move.
(Reporting by Saeed Azhar;Editing by Elaine Hardcastle)

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