UAE Hospital Group NMC Begins Exit Process

General view of the NMC Specialist Hospital in Abu Dhabi, United Arab Emirates, February 11, 2020. REUTERS / Satish Kumar

DUBAI, Aug. 11 (Reuters) – United Arab Emirates hospital operator NMC said on Wednesday that its companies will begin the process of exiting the administrative process in Abu Dhabi, as it recorded strong first-half revenues.

NMC, the UAE’s largest private healthcare provider, ran into trouble last year after the disclosure of more than $ 4 billion in hidden debt left many UAE and foreign lenders with heavy losses.

Its operational activities in the United Arab Emirates have been placed under receivership in the courts of the ADGM International Financial Center in Abu Dhabi. Creditors’ claims so far stand at $ 6.4 billion, the company said.

“We have taken the company from the brink of near total collapse to secure NMC’s future and to ensure that our ability to provide world-class patient care is preserved through thick and thin,” said its director. General Michael Davis in a statement. declaration.

“The first half of 2021 looks like the light of day compared to the dark nights of the first half of 2020.”

The operations in the United Arab Emirates and Oman, the group’s main assets, reported gross revenue of $ 611 million, 10% ahead of the business plan.

NMC said that after overwhelming support from creditors, joint directors Alvarez & Marsal have proposed Corporate Arrangement Deeds (DOCA), which will allow 34 NMC group companies to exit administration.

There will be a meeting of creditors to vote on the proposed DOCAs on September 1. Once confirmed by the ADGM courts, it is predicted that it will take between 3 and 5 months to complete the transfer of shares and assets, he said.

Reporting by Saeed Azhar; Editing by Bernadette Baum

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