UAE-based NMC Health files for bankruptcy in US

UAE-based NMC Health files for bankruptcy in US

A host of law firms in the US had initiated legal battle against hospital operator.. NMC Health, the debt-ridden UAE-based hospital operator battered by scandals and allegations of a multi-billion-dollar fraud, has filed for bankruptcy protection in the US where it faces a spate of shareholder lawsuits over financial irregularities.. The company, which had accumulated a total of $6.6 billion in debts, was placed into administration by a UK court in April following a petition filed by ADCB Bank, one of its top lenders.. The healthcare provider with one of the largest network of hospitals and clinics in several countries, filed for protection from its creditors.. It is seeking recognition of proceedings in the UK and allowing administrators to "maximize the value of assets owned in the US, including certain medical practices," according informed sources.. The company, which was delisted from the London Stock Exchange amid mounting turbulence, said in US court papers that certain shareholders had commenced litigation against it.. NMC Health, which runs private medical facilities across 19 countries, with its primary focus in the Middle East, is also facing either dissolution or liquidation.. The law firms had filed for class-action lawsuits for violations of some of the