UAE: Alvarez & Marsal to Administrate Ailing NMC Healthcare

  • Date: 28-Sep-2020
  • Source: Al Bawaba
  • Sector:Healthcare
  • Country:UAE
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UAE: Alvarez & Marsal to Administrate Ailing NMC Healthcare

Richard Fleming and Ben Cairns of Alvarez & Marsal on Sunday have been appointed joint administrators of a group of operating businesses related to NMC Healthcare by Abu Dhabi Global Market (ADGM) Courts.

The appointment relates directly to 36 operating businesses in the UAE. The process will enable the administrators to undertake a financial restructuring to address the high levels of debt discovered earlier in the year. It will also allow the group of entities to secure an additional $325 million financing facility whilst protecting the businesses from creditor action. The appointment does not apply to NMC Healthcare's operating businesses outside of the UAE, stated a Press release.

The group of entities will now enter a "light touch" administration process whereby the existing NMC management team will remain in operational control of