Abu Dhabi judge rules in favour of Dubai Islamic Bank in NMC case | Reuters
A judge in Abu Dhabi ruled in favour of Dubai Islamic Bank and against the administrators of NMC, in a case that could complicate the private healthcare firm's multi-billion-dollar debt restructuring.
NMC ran into trouble last year after the disclosure of more than $4 billion in hidden debt and its UAE operating businesses were placed into administration in the courts of Abu Dhabi's international financial centre ADGM.
Dubai Islamic Bank, with over $400 million in exposure to NMC, lent to the company using collateral known as insurance receivables, which relate to payments by insurance companies for medical treatment.
NMC's administrators Alvarez & Marsal filed a suit in ADGM courts last month to obtain power over those securities, claimed by Dubai Islamic Bank, and possibly to use them to pay other creditors.
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