UAE's KBBO hires expert for restructuring $2bn debt

UAE – Mubasher: Abu Dhabi-based KBBO Group, which was one of NMC Health Plc’s biggest shareholders, has hired an expert to restructure its $2 billion debt, sources told Bloomberg.

With assets in healthcare and food, the group appointed Bruno Navarro as its chief restructuring officer.

Navarro has debt restructuring experiences, as he has dealt with some of the difficult debt situations in the Middle East as head of restructuring at Abu Dhabi Commercial Bank (ADCB) and Abu Dhabi Islamic Bank (ADIB).

Moreover, Navarro has worked at the International Finance Corporation, a World Bank affiliate, on restructurings in Latin America and Southeast Asia.

KBBO Group's 40 creditors, including Dubai Islamic Bank (DIB), Mashreq Bank, and London-based HSBC Holdings, have formed committees for both the healthcare and consumer arms of the business.

The group announced previously that it had been affected by its exposure to NMC and the coronavirus (COVID-19) outbreak.

Mubasher Contribution Time: 23-Sep-2020 08:18 (GMT)
Mubasher Last Update Time: 23-Sep-2020 08:18 (GMT)