ADGM Courts appoint administrators for NMC entities in UAE

ADGM Courts appoint administrators for NMC entities in UAE

UAE - Mubasher: The Abu Dhabi Global Market (ADGM) Courts have named Richard Fleming and Ben Cairns of Alvarez & Marsal the administrators of the NMC Healthcare's operating companies and businesses in the UAE, according to the Emirates News Agency (WAM).

The administrators would manage the financial restructuring of 36 NMC's entities in the UAE and enable them to secure an additional $325 million financing facility.

The Courts' decision, which is not applied to NMC businesses outside the UAE, aims to protect NMC from creditor action following the uncovering of the fraud cases and undisclosed debt earlier this year.

All the hospitals, medical centres, and clinics of the NMC will be under the guardianship "to a limited