Kuwait Int’l Bank agrees to sell debt owed by NMC Health

1 June, 2021 12:00 AM printer

KUWAIT: Kuwait Internati-onal Bank is recouping some of the money it is owed by NMC Health, the healthcare group founded by BR Shetty that was placed into administration last year, by selling off its debt.

The lender is owed $74.11 million by NMC Health, but agreed to sell the debt for $13.25m, the company said in a statement to Boursa Kuwait, where its shares trade. It did not disclose the name of the buyer and said it had “fully provided” for the debt exposure in last year’s accounts, report agencies.“The sale will be disclosed once executed and all relevant procedures are completed,” KIB said. In an update to lenders in April, the company’s administrator Alvarez & Marsal said it has received about $6.4bn of creditor claims to date, including about $6.3bn from a group of 136 financial creditors.