NMC Health creditors presented with restructuring proposal | The National
The administrators of NMC Health outlined a restructuring plan to lenders owed about $6.4 billion by the company, which would lead to more than $4bn of its debts being wiped out.
Joint administrators from Alvarez & Marsal outlined a Deed of Company Arrangement plan which would mean lenders agreeing to compromise their claims in return for exit instruments in a new holding company, with a view to achieving a "controlled" exit from the company within three years.
A presentation to lenders stated that administrators have so far received 927 claims from creditors, but there are 10 other "main financial creditors" that have yet to file before a deadline at the end of this month, which could add a further $650m to the total.
NMC Health was founded by BR Shetty in 1975 and grew to become the biggest privately-owned healthcare company in the UAE, employing more than 20,000 staff. However, it was placed into administration in April last year following the discovery of more than $4bn worth of previously undeclared debts at the group.
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