World News

NMC in talks with lenders to avoid administration

(Reuters) – Troubled hospital group NMC Health <NMC.L> said on Monday it is in talks with Abu Dhabi Commercial Bank <ADCB.AD>, seeking to convince it to withdraw an application that the lender had filed proposing that NMC be placed under administration.

The resolution with lenders is likely to involve changes to corporate governance at the company and the composition of the board itself, said NMC, which has been struggling with high debt and management issues.

On Sunday, Emirates NBD <ENBD.DU> and Dubai Islamic Bank <DISB.DU> disclosed hundreds of millions of dollars of exposure to NMC.

(Reporting by Muvija M in Bengaluru; Editing by Bernard Orr)