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NMC's UAE entity mulls restructuring, insolvency

NMC's UAE entity mulls restructuring, insolvency
NMC has over 200 facilities in the UAE

UAE - Mubasher: NMC Healthcare, NMC Health's entity in the UAE, is considering applying for restructuring and insolvency measures to recognise debt claims and complete an arrangement scheme with creditors, two sources told Reuters on Sunday.

This decision came three months after NMC Health, a London-listed group, was placed into administration in April due to its financial conditions over months. 

The sources referred that NMC Healthcare will submit this request under the jurisdiction of Abu Dhabi Global Markets (ADGM) which has its own laws of insolvency and restructuring.

With over 200 facilities in the UAE, NMC is still providing its services amid its crisis, as the UAE authorities are keen to ensure the continuation of the health services during coronavirus (COVID-19), one of the sources noted.

It is noteworthy to mention that NMC Health's debt rose to $6.6 billion, higher than the $2.1 billion disclosed in the group's financial statements.