NMC Health’s new chairman calls for debt standstill as ADCB seeks to appoint administrators – The National

NMC Health’s new chairman calls for debt standstill as ADCB seeks to appoint administrators – The National

NMC Health's new chairman calls for debt standstill as ADCB seeks to appoint administrators. Faisal Belhoul says placing the group into administration 'would potentially put lives at risk' given the Covid-19 crisis. NMC Health's new executive chairman Faisal Belhoul urged the company's creditors to give him time to steer the company out of trouble as its biggest lender, Abu Dhabi Commercial Bank, seeks to appoint administrators.. " NMC Health failed to respond adequately to these reasonable requests from ADCB," the lender said, leading it to seek the appointment of administrators.. The company revealed its debt, at $6.6 billion (Dh24.24bn), is substantially higher than the $2.1bn declared in its last filed accounts.. Mr Belhoul, who became executive chairman on March 26 after his Dubai-based private equity firm Ithmar Capital acquired a 9 per cent stake in the business, pledged the company would treat all of the company's creditors equally and not take action that would prejudice the position of one group over another, he said.. "Departing from the principles by acceding to the demands of any individual creditor would jeopardise the operating businesses of the NMC Group, increasing the risk of customers and suppliers terminating contracts or re-negotiating terms