EconomyEditor's PickNewsAlvarez & Marsal appointed administrator of NMC healthcare in the UAE

1 year ago134 min
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imageStock Markets2 hours ago (Sep 27, 2020 12:20PM ET)

(C) Reuters. FILE PHOTO: NMC Specialty Hospital, part of NMC Healthcare group which listed in London Stock Exchange, is seen in Al Nahda area of Dubai

DUBAI (Reuters) – Restructuring consultancy Alvarez & Marsal said on Sunday it had been appointed as administrator of a group of operating businesses related to NMC Healthcare by the Abu Dhabi Global Market Courts, a statement by Alvarez & Marsal said on Sunday.

Richard Fleming and Ben Cairns of Alvarez & Marsal have been appointed as joint administrators, the firm said in an emailed statement.

The turnaround specialist said the appointment related directly to 36 operating businesses in the United Arab Emirates, but did not apply to businesses outside the country.

The appointment “will also allow the group of entities to secure an additional $325 million financing facility whilst protecting the businesses from creditor action,” Alvarez & Marsal said.

Alvarez & Marsal said the administrators would lead the financial restructuring of those businesses while the existing NMC management team remained in operational control of the day-to-day running of medical and clinical activities.

Alvarez & Marsal appointed administrator of NMC healthcare in the UAE

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