Creditors of struggling NMC Healthcare are in talks to form a coordination committee to restructure the $ 6.6 billion (24.2 billion dirhams) debt.
According to Al-Bayan, sources told Bloomberg that HSBC Holdings, Barclays and Standard Chartered banks will join Abu Dhabi Commercial, Dubai Islamic and Abu Dhabi Islamic to lead talks with representatives of the group, which was placed under guard last week.
She indicated that the Coordination Committee will assign Deloitte and Clifford Chance to provide the necessary advice on the negotiation process, but that banks and consultants still have to formally agree to form a committee that can change in the next stage.
It is noteworthy that NMC is subject to judicial custody by Alvarez and Marshall, after it complies with the creditors' demands.
Trading in the London-listed company, founded by Indian businessman PR Shetty, with a market value of $ 10 billion at its peak, was suspended in February amid allegations of corruption. It revealed more than $ 4 billion in unannounced loans, raising its total debt to $ 6.6 billion.
