NMC rejects call for administration as debt crisis widens - Arabianbusiness:
Struggling hospital operator NMC Health Plc has rejected a call to be put into administration as banks in the UAE disclosed more than $2 billion of exposure.
Shares in Dubai Islamic Bank PJSC extended declines after the lender revealed its $541 million of exposure to NMC, risking almost half of its annual profit. Abu Dhabi Islamic Bank PJSC also tumbled after revealing it extended $291.4m to NMC, the UAE’s largest private health-care provider.
While Abu Dhabi Commercial Bank PJSC slumped after it asked a court to put NMC into administration on Saturday.
NMC aims to fight any such move, the company said on Monday.
In a note to the London Stock Exchange, Simon Watkins, group company secretary, said: “The board is in discussions with ADCB and other creditors to address creditors' concerns; to have the application withdrawn; and to avoid the appointment of administrators, which it does not believe would be in the interests of stakeholders as a whole.
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