The advisory firm joins Houlihan Lokey in a quest to work out new terms for Brookfield’s private hospitals group.
Healthscope’s lenders have appointed McGrathNicol to help restructure about $1.6 billion in debt they refinanced for the hospital operator just one year ago.
While the talks are still in their infancy, sources said the lender group – which comprised almost 30 institutions, including the Bank of China and Barclays – were not expected to take a haircut on their debt, no fresh loans were required at this stage, and no assets are up for sale.Houlihan Lokey and McGrathNicol have formed a committee on behalf of the lenders, which conducted meetings with Healthscope and its advisers MA Financial and law firm Arnold Bloch Leibler.
Hospital operators have been hamstrung by pandemic-induced measures that included the shutdown of services such as elective surgeries. Consumers, themselves hindered by increased living costs, have opted for shorter hospital stays to minimise their expenses, which has crimped revenue at hospital operators, and forced companies like Healthscope to rethink how to tackle evolved patient demands and preferences.
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