ADGM Courts appoint legal guards on NMC in UAE

ADGM Courts appoint legal guards on NMC in UAE

ABU DHABI: 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.According to the courts' decision, the administrators would lead the financial restructuring of 36 NMC's entities and enable them to secure an additional US$325 million financing facility whilst protecting the businesses from creditor action. The decision does not apply to businesses outside the UAE.According to a statement issued by ADGM Courts, the NMC Group will be subject to guardianship procedures "to a limited extent." All hospitals, medical centers and clinics under the guardianship will continue to provide health care services to patients without any change and within the best international standards. The group's management team and the two legal