Abu Dhabi KBBO Set to Hire PwC, Trussbridge to Restructure Debt (NMC Health)

Abu Dhabi-based KBBO Group, once one of NMC Health Plc’s biggest shareholders, is set to hire PwC and Trussbridge Advisory Ltd. to advise on its debt restructuring, people familiar with the matter said.

KBBO, a privately-held investment firm with assets in healthcare and finance sectors, also plans to appoint a chief restructuring officer in the next few weeks to help coordinate the process, the people said, asking not to be identified because the matter is private.

Creditors to the company have set up separate steering committees for both the healthcare and consumer side of the business and will also appoint advisers, the people said. The reorganization is being supervised by the United Arab Emirates’ Financial Restructuring Committee, people familiar with the matter said in April.

KBBO Chairman Khalifa Bin Butti Omeir Al Muhairi stepped down as vice-chairman of embattled NMC in February amid confusion over the exact size of his stake in the hospital operator, which is being run by administrators Alvarez & Marsal Inc. after it succumbed to creditor demands.​

NMC Shares

​Al Muhairi had pledged NMC shares as collateral against loans, according to a December 2017 filing. He sold a combined 15% stake in the company along with former director Saeed Mohamed Butti Mohamed Khalfan Al Qebaisi in January.

Representatives for Trussbridge, KBBO and PwC declined to comment. Representatives for the central bank, the ministries of finance and economy — all members of the Financial Restructuring Committee — didn’t immediately respond to requests for comment.

NMC’s shares plunged amid allegations of fraud in mid-December before being suspended on the London Stock Exchange. KBBO and some of NMC’s other major shareholders also held a significant stake in financial services firm Finablr Plc, which has also been suspended.

Dubai-based Trussbridge is a boutique advisory firm which was set up by two investment bankers from JPMorgan Chase & Co. and Citigroup Inc.