NMC Health set for administration as negotiation attempts with creditors fail – The National

NMC Health set for administration as negotiation attempts with creditors fail – The National

NMC Health set for administration as negotiation attempts with creditors fail. A hearing to appoint administrators is set for tomorrow, the company said. Abu Dhabi's biggest healthcare company is heading for administration as the company revealed it had been unable to secure a standstill agreement on its debt from lenders.. The company "has been advised by its counsel that it is not in a position to oppose the application successfully" it said in a statement to the London Stock Exchange.. NMC Health has made a series of damaging disclosures in the past few months after a report by activist investor Muddy Waters in December alleged it inflated cash balances, overpaid for assets and understated its debt.. Last month, the company said its debt stood at $6.6 billion (Dh24bn), substantially higher than the $2.1bn declared in its last filed accounts.. Faisal Belhoul, who became executive chairman of the healthcare group on March 26 after his Dubai-based private equity firm, Ithmar Capital, secured a 9 per cent stake, had been attempting to secure a standstill agreement with lenders, promising improved governance and transparency.. In a statement on Saturday announcing it had applied for administrators to be appointed, ADCB said it