UK court appoints joint administrators for NMC: ADCB

UK court appoints joint administrators for NMC: ADCB

UK court appoints joint administrators for NMC Health: ADCB. The High Court in the United Kingdom announced on Thursday that it has appointed joint administrators to NMC Health, following an application by Abu Dhabi Commercial Bank, which has an exposure to the troubled healthcare provider to the tune of Dh3 billion. "NMC has conceded to the ruling," ADCB said in a filing at Abu Dhabi Securities exchange on Thursday.. "ADCB and other key creditors have concluded that an administration process is the most suitable route to ensure a rescue and turnaround of NMC Health PLC and its, and to assure continuity of operations for patients, healthcare workers and other stakeholders," it said.. "An administration is a process designed for a rapid business recovery and is distinct from liquidation.. The proactive approach to place the Group in administration was taken in response to recent developments, including the revelation of previously undisclosed liabilities of over $4 billion, which suggests a significant risk of insolvency," said the lender.. ADCB said NMC might have concealed material information from creditors, shareholders, rating agencies and regulators.. "ADCB's filing for the appointment of joint administrators has received support from a number of key creditors.. Creditors have been