Deals
Abu Dhabi Banks Poised to Start Talks on Pharma Company’s Debt
- Advisers to present plan to restructure $272 million Thursday
- Shetty had been considering selling Neopharma business
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Lenders to Neopharma, the pharmaceuticals business founded by Bavaguthu Raghuram Shetty, are set to kick off talks to restructure 1 billion dirhams ($272 million) of debt, according to people with knowledge of the matter.
Abu Dhabi Commercial Bank PJSC, Abu Dhabi Islamic Bank PJSC, Dubai Islamic Bank PJSC, Emirates Islamic Bank PJSC, India’s Bank of Baroda and Bahrain’s First Energy Bank BSC will meet on Thursday to discuss a proposal to restructure the debt, the people said, asking not to be identified because the talks are private. Creditors will also consider plans to bring in a new strategic investor to Neopharma to keep the business operating, the people said.