Former NMC Health chairman claims he could have found 'better solution' for embattled firm - Arabianbusiness

Former NMC Health chairman claims he could have found 'better solution' for embattled firm - Arabianbusiness:

Former executive chairman of NMC Health, Faisal Bin Juma Belhoul, believes he could have found a better deal for shareholders of the embattled UAE-based healthcare provider.

Belhoul, a managing partner of Ithmar Capital, took on the role at the end of March after the Dubai-based private equity firm acquired a nine percent stake in the hospital operator.

With the company in freefall, he called for “patience” and “prudence” from shareholders, but just over a week after his appointment, NMC had bowed to creditor demands to be placed into administration from one of its largest creditors Abu Dhabi Commercial Bank – which carried exposure of around $981 million.

Just days later, Belhoul was gone as administrators Alvarez & Marsal Europe, announced “extensive restructuring” of the troubled health giant.