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15 March 2020

Finablr takes urgent steps on liquidity as NMC Health fallout spreads

Finablr’s stock has been battered because of its ties to troubled hospital operator NMC Health, which has the same founder, Bavaguthu Raghuram Shetty

Bavaguthu Raghuram Shetty, the founder and Chairman NMC Healthcare, and Chairman of Finablr/Bloomberg

by Bloomberg

Finablr announced that it was taking urgent steps to assess its liquidity position and will appoint an independent financial adviser to weigh options.

In a bourse statement, Finablr said that the company has been hurt by a liquidity squeeze at both group and operational business level as well as the fallout from NMC Health, coronavirus-related travel restrictions and a downgrade of Travelex’s bonds.

Finablr stated that it was urgently seeking to complete its assessment of its liquidity and cash flow position and negotiate the steps that are necessary to address its short- and longer-term financing needs.

NMC Health has been subject to allegations of accounting and governance shortcomings by short-seller Muddy Waters Capital.

The hospital operator last week said that it uncovered $2.7 billion of debt hidden from its board that was used for unknown purposes.

Finablr, the owner of currency-exchange businesses such as UAE Exchange, Xpress Money, Travelex Holdings and Unimoni has been exploring strategic options including whether to introduce a new investor or pursue a take-private transaction.

RELATED STORIES: Finablr NMC Health Muddy Waters Capital





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