UAE's NMC Health to go into 'administration'

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Abu Dhabi headquartered NMC Health will come under administration. This means that a UK Court appointed administrator will oversee the immediate future of the troubled hospital operator. This follows breakdown in talks between NMC's new management and ADCB, the bank which has got exposures Dh3.6 billion with it. In a statement late on Wednesday, Faisal Belhoul, newly appointed Executive Chairman of NMC, said: “The Board of NMC Health has written to the [UK] court indicating that, notwithstanding strenuous efforts to address creditors’ concerns, it has not been able to secure their alignment and support and has been advised by its counsel that it is not in a position to oppose the application. “Accordingly, the board expects the company to be placed into administration in due course."

Source: https://gulfnews.com/business/banking/uaes-nmc-health-to-go-into-administration-1.1586364593583


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