Dubai Capital-owned Alliance Medical launches sale process
Dubai International Capital (DIC) portfolio company Alliance Medical has launched a sale process, which will run alongside restructuring plans, according to reports.
It is believed the sale process will act as a market test of the company's value, following senior lenders' frustration at restructuring plans put forward by DIC and mezzanine lender Och-Ziff Capital Management.
DIC acquired the company from Bridgepoint, which retains a minority stake, for £600m in November 2007. Alliance Medical has debts of around £500m, including £390m held by senior lenders Lloyds Banking Group, Commerzbank and M&G Investments. Blackstone Group will manage the sale process alongside the restructuring plans, which include a £35m debt-for-equity swap.
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