Abu Dhabi Commercial Bank PJSC, one of the biggest lenders to NMC Health Plc, expects creditors’ approval for a restructuring plan for the collapsed hospital operator in the first half.
The bank recorded 1.66 billion dirhams ($450 million) in provisions and interest in suspense toward NMC, Finablr Plc and associated companies last year, according to a statement. ADCB is “comfortable” with the provisioning levels, “given the positive developments in NMC’s recent financial performance and its ongoing restructuring process,” it said.
ADCB also said on NMC:
- The sale of non-core assets underway
- Bank has initiated multiple recovery and enforcement actions against key promoters and former shareholders of NMC
- Continues to work closely with administrator Alvarez & Marsal and other key creditors on a restructuring plan
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