Hospital operator NMC Health is looking to raise up to $250 million in debt while it prepares for insolvency proceedings in the United Arab Emirates and has picked Perella Weinberg Partners to advise it on the process, sources said.
The company, run by administrators Alvarez & Marsal, has also tasked Perella to advise it on the sale of UK-based Aspen Healthcare, a company it acquired in 2018, the two sources familiar with the matter said.
General view of NMC specialty hospital in Abu Dhabi, United Arab Emirates, February 11, 2020. (Reuters)
The $250 million loan, referred to as debtor-in-possession financing, would help sustain operations and cover advisers' fees while the company navigates insolvency proceedings, the sources said.
The financing is contingent on ADGM accepting NMC's filing under its jurisdiction, one of them added.
NMC Health's administrators declined to comment and Perella did not immediately respond to a request for comment.