UAE-based NMC Healthcare placed in administration - Arabianbusiness:
UAE-based NMC Healthcare has been placed in the hands of administrators by the Abu Dhabi Global Markets Courts (ADGM).
Richard Fleming and Ben Cairns of Alvarez & Marsal were appointed joint administrators on Sunday.
According to a statement, the “light touch” administration process, which relates directly to 36 businesses operating in the UAE, will allow for financial restructuring on “high levels of debt” discovered earlier in the year.
It will also allow the group of entities to secure an additional $325 million financing facility "whilst protecting the businesses from creditor action", the statement added.
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