NMC Health News: ADCB Asks U.K. Court for Administration - Bloomberg:
One of NMC Health Plc’s biggest creditors asked a court to put the troubled hospital operator into administration, prompting the company to counter that such an action would endanger the lives of people living in the United Arab Emirates as the coronavirus rages.
Abu Dhabi Commercial Bank PJSC said Saturday it applied on April 2 to the U.K.’s High Court for the appointment of administrators to take control of NMC Health and investigate alleged unauthorized activities.
NMC’s new executive chairman Faisal Belhoul had previously asked for patience from creditors, seeking a standstill on debt repayments to give the company time to prepare a recovery plan. In a later statement, he said he’s open to adding individuals to the board as recommended by ADCB and other creditors, and accused ADCB of disregarding the principles of the informal standstill accord.
“ADCB is putting its own interests above not only other creditors, but also the health and safety of UAE residents amid an escalating pandemic,” Belhoul said. Placing the company in administration would create “considerable downsides” on the community, country, the company and its creditors, he said.
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