Creditors set to take control of UAE’s troubled NMC Group under new deal

SourceArabian Business
SectorEconomy
CountryUAE

The administrators of troubled UAE-based NMC Group on Monday announced the receipt of firm creditor commitments that will ensure the successful exit of the company from Abu Dhabi Global Market (ADGM) administration.

Under proposals, the creditors will become the equity holders of the NMC business under a deeds of company arrangement (DOCA).

Gross revenues for NMC’s UAE and Oman business were $1.121bn, which was 11% ahead of the business plan

The joint administrators said in a statement that they will shortly propose and launch ADGM deeds of company arrangement that will allow the operating businesses to exit the restructuring process, with ownership moving to the creditors.

Richard Fleming, joint administrator of the DOCA Companies, said: “The resounding level of support from creditors reflects the positive sentiment towards the collective approach we have taken throughout this process to ensure the group optimises value for creditors.

“This is a hugely significant moment in the restructuring process of the Group and provides another layer of stability...read more...