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Dubai International Capital may sell off key unit

London, August 21, 2010

Alliance Medical, a unit of Dubai International Capital (DIC), could be put up for sale within weeks if talks over an urgent cash injection into the UK-based company fail, a newspaper said.

The Gulf sovereign wealth fund has informally sounded out potential buyers in case the debt restructuring talks fail, the Times said, citing people close to the situation.

The newspaper said all parties involved hope a consensual deal will be reached by September 16, when a standstill agreement with lenders expires.

The proposal under consideration would see DIC and the mezzanine lenders inject 35 million pounds of fresh cash into the company.

US investment bank Houlihan Lokey is advising Alliance Medical's lenders, which include Lloyds Banking Group, according to the Times. DIC is being advised by Blackstone Group.

Alliance Medical was not immediately reachable.-Reuters




Tags: UK | Dubai International Capital | unit sale | Alliance Medical |

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