A plan to restructure Abu Dhabi investment firm KBBO Group and its hospital unit received court approval on Friday following months of negotiations, said Deloitte, which is acting as trustee of the group.

KBBO Group was one of the biggest shareholders of collapsed London-listed firm NMC Health. KBBO's founder Khalifa Bin Butti Al Muhairi filed for bankruptcy through an Abu Dhabi court two years ago after NMC's collapse. He was also vice-chairman of NMC.

"The restructuring plan will be implemented to maximise the return for all of the creditors with 7 billion dirhams ($1.91 billion) to 12 billion of claims, including multiple complex cross guarantee positions," the statement said.

The Emirates Hospital Group restructuring plan includes raising 150 million dirhams in new money, the recapitalization of its balance sheet, along with an option to implement an asset disposal/rationalization plan, the statement added

($1 = 3.6729 UAE dirham)

(Reporting by Hadeel Al Sayegh Editing by Mark Potter)