UAE's scandal-hit NMC seeks to exit administration after debt crisis
Published 11 Aug,2021 via Bloomberg Markets - NMC Health Plc’s joint administrators have kicked off a plan that could help 34 companies of the scandal-hit hospital operator find their way to exit its protective administration.
Under the deeds of company arrangement proposals, which Abu Dhabi-based NMC said has the support of its creditors, the unsecured debt of some of the firms will be exchanged for equity-like interests in a new group, according to a statement on Wednesday.
While shares of the companies and “substantially all” the assets will be transferred to the new group, NMC Healthcare LTD will remain in administration “to pursue potential litigation claims” against itself and other firms.
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Archana Narayanan