#UAE-based NMC heads to administration after bowing to creditor demands - Arabianbusiness

UAE-based NMC heads to administration after bowing to creditor demands - Arabianbusiness:

NMC Health Plc has bowed to creditor demands to be placed into administration, saying it’s in no position to contest Abu Dhabi Commercial Bank PJSC’s efforts to install new management.

The troubled Middle Eastern hospital operator said on the eve of a London court hearing that it expects to be placed into administration “in due course”. NMC’s new executive chairman, Faisal Belhoul, had resisted creditors arguing that such a move would endanger lives as the coronavirus spreads across the United Arab Emirates.

However, Belhoul said late Wednesday: “The board of NMC Health has written to the court indicating that, notwithstanding strenuous efforts to address creditors’ concerns, it has not been able to secure their alignment and support and has been advised by its counsel that it is not in a position to oppose the application. Accordingly, the board expects the company to be placed into administration in due course.

“Realising regrettably that administration has become a certain outcome, I must now underscore that it is critical that the administration process is conducted quickly and smoothly, with the core objective of keeping the organisation stable and in a position to provide vital medical care to support the people, the government and the nation of the UAE during the Covid-19 pandemic."