DUBAI (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
Our Standards: The Thomson Reuters Trust Principles.