KBBO Group, whose chairman was a significant shareholder in troubled hospital group NMC Health, appointed a team of restructuring advisers to help put together a plan to reorganise its outstanding liabilities to various creditors.
“The group has been challenged by its exposure to NMC [Health] in addition to the Covid-19 outbreak, which has impacted various operations,” KBBO said in a statement on Wednesday.
It said it “responded proactively, taking measures to reduce the impact and ensure the continuity of operations, especially across the healthcare and food businesses given their strategic importance to the national economy.”
KBBO was founded in 2008 and invested in a number of healthcare companies, including NMC Health and Emirates Healthcare. It also invested in the education, food & retail, financial services, information technology and ventures sectors.
The company did not disclose the scale of its debt, but said the objective of the restructuring was to deliver a fair and balanced outcome for all stakeholders.
The company appointed Trussbridge Advisory and PwC Middle East as financial experts. Hadef & Partners and Cleary Gottlieb Steen and Hamilton will advise on the legal aspects of any agreements, which will be worked out under the supervision of the Financial Restructuring Committee (FRC).
The FRC is a body set up in 2018 under the UAE’s bankruptcy law whose members include representatives from the Ministry of Finance, the Ministry of Economy, the Ministry of Justice, the Central Bank of the UAE, the Securities and Commodities Authority, and the Governments of Abu Dhabi, Dubai and Sharjah.
“In light of the current market conditions, we believe the appointment of a team of restructuring advisors and experts is a critical step to facilitate the financial restructuring of the group’s operating companies in a timely and efficient manner,” KBBO chairman Khalifa Bin Butti Al Muhairi said.
Mr Al Muhairi stepped down as vice chairman of NMC Health in February this year.
"The group’s underlying assets remain strong and I am confident that this process will mean the business can return to growth in the near future," Mr Al Muhairi said. "It is our intention to reach a fair and balanced outcome for all stakeholders."
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Coffee: black death or elixir of life?
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
Rory Reynolds
