NMC's convertible bonds become worthless

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By Aidan Gregory
24 Mar 2020

NMC Health’s $360m convertible bonds are trading at mere cents on the dollar, suggesting virtually no recovery value after the scandal-hit UAE hospitals group said on Tuesday it had discovered even more undisclosed debt.

In a regulatory filing on Tuesday morning, NMC Health said it had $1.2bn of additional undisclosed debt, taking its total debt position to about $6bn, including the convertible bonds and a $400m sukuk.

That is almost three times the group debt NMC Health had reported to the market ...

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