Abu Dhabi’s ADGM appoints administrators for NMC Health

Abu Dhabi’s ADGM appoints administrators for NMC Health

The Abu Dhabi Global Market (ADGM) Courts have appointed Richard Fleming and Ben Cairns of Alvarez & Marsal as administrators of the NMC Healthcare's group of operating companies and businesses.

The administrators would lead the financial restructuring of 36 NMC's entities and enable them to secure an additional $325m financing facility whilst protecting the businesses from creditor action, as per the court's decision.

The decision does not apply to businesses outside the UAE, official news agency WAM reported.

The NMC Group will be subject to guardianship procedures "to a limited extent“, the courts said in a statement.

All hospitals, medical centers and clinics under the guardianship will continue to provide health care services to patients as per stipulated international standards and without any change.

The group's management team and the two legal guards will