NMC said it is “fully focused on safeguarding operational liquidity to continue funding existing operations”.Ĭonsultants at PwC will advise NMC on operational issues, the company said. NMC declined to comment on whether staff had been paid.īankers at boutique adviser Moelis have been called in to advise NMC on discussions with its lenders as it attempts to restructure its debts. Last week, one senior UK audit partner said: “Usually once you’ve stopped paying your staff it’s game over.” "There are lots of people on very low salaries and now they won't be able to make ends meet." As far as I know, it's affecting all NMC's employees.
The staff said they believed the non-payment was affecting more than 16,000 NMC employees in the United Arab Emirates.Ī doctor at a Dubai-based hospital said: "No signs of our pay at all and no communication whatsoever.
Workers said salaries had not been paid, with no further updates from senior management. Salaries are normally due on the 25th of each month but staff were told last week this would be delayed until March 1. The company faces a cash crunch after a string of governance failures, including confusion over ownership of its shares and possible discrepancies in its financial records.ĭoctors at two Dubai-based NMC hospitals said on Monday they still had not been paid their salaries for February. On Monday, it said: “The informal standstill includes a request to lenders not to exercise any rights and remedies that may arise from any current or future defaults under the group's finance documentation." The firm sacked its boss and was plunged into crisis last week after uncovering a raft of secret loan agreements linked to major shareholders. NMC has been forced to plead with lenders to agree a standstill arrangement so it can get its finances in order. This would allow each of NMC’s lenders to cancel any unused credit, and to demand NMC pays back what it owes within five days. Lenders to the FTSE 100 company could call in debts as soon as Friday after it was last week unexpectedly revealed that three of NMC’s major shareholders hold less than 30pc of its stock, potentially triggering a “change of control” clause in loan agreements. Embattled hospital firm NMC Health is scrambling to stop banks demanding a $2bn (£1.6bn) loan repayment at the end of this week, as staff in its hospitals remain unpaid after a delayed deadline.
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