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NMC Health obtains $250m bank facilities

NMC Health obtains $250m bank facilities
These facilities coincide with the second phase of restructuring

UAE - Mubasher: NMC Health, the largest private healthcare provider in the UAE, has received new financial facilities worth $250 million, Zawya reported.

The facilities coincide with the second phase of the health group's planned restructuring, which would contribute to enhancing its financial security and ensure its continuous operations, according to a cited statement by its administrators from Alvarez & Marsal.

Agreed by NMC LLC's leading lenders in the UAE, including Abu Dhabi Commercial Bank (ADCB), the loan has been granted to NMC under certain conditions, which the group is about to complete.

These conditions will be fulfilled as NMC LLC begins to implement a new three-year business plan, set by the management team of NMC and Alvarez & Marsal to protect the group's businesses in the UAE.

The plan will enable the group to receive a new funding package to support its operations and will stop adverse creditor actions.

The managing director of Alvarez & Marsal Europe and Joint Administrator of NMC Health, Richard Fleming, commented: "The next phase of the process will see an increased focus on identifying and holding to account those responsible for the illegal and fraudulent actions which created this situation and still pose a threat to the Group and its stakeholders."

Noteworthy to mention, in April, sources told Bloomberg that NMC Healthcare's main lenders intend to form a coordinating committee to restructure the group's $6.6 billion debt.