Hospital operator NMC Healthcare exits administration in UAE
NMC Healthcare, the largest private healthcare provider in the UAE, and its operating companies will exit administration in Abu Dhabi on Friday to form a new company, its administrators said.
NMC, which used to be listed in London, ran into trouble in 2020 after the disclosure of more than $4 billion in hidden debt left many United Arab Emirates and overseas lenders with heavy losses.
"Swift process sees 34 NMC companies exit administration to form a new NMC Group," a statement from joint administrators Alvarez & Marsal said.
The new group will be controlled by lenders led by Abu Dhabi Commercial Bank.
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