NMC draws up 3-year turnaround plan | ZAWYA MENA Edition

NMC draws up 3-year turnaround plan | ZAWYA MENA Edition:

NMC Health, the debt-ridden hospital operator, has drawn up a three-year business plan to stage a comeback, the company's acting chief executive officer said.

"The business plan and our roadmap to recovery will take time and it won't be easy. I truly feel we are on the right track to turn the company around" Michael B. Davis, who took over the reign of the troubled healthcare operator in February from Prasanth Manghat , said in a memo sent out to employees.

The London-listed NMC Health, which got entangled in a huge debt trap amounting to $6.6 billion owed to several lenders, has been put under joint administration of Alvarez and Marsal by a UK court following a petition filed by Abu Dhabi Commercial Bank, it largest lender.

"Over the past few weeks many of you have worked with the A&M team in the development of the three-year business plan. This exercise (NMC's service to fight Covid-19) has helped to illustrate not only the important clinical and humanitarian value of our organization, but has also shown the company's financial viability and potential for continued growth," Davis said.