NMC Health on track to exit ADGM administration in first half

There are currently 25 lender actions in onshore UAE courts

  
General view of NMC specialty hospital in Abu Dhabi, United Arab Emirates, February 11, 2020. Image for illustrative purposes.

General view of NMC specialty hospital in Abu Dhabi, United Arab Emirates, February 11, 2020. Image for illustrative purposes.

REUTERS/Satish Kumar

DUBAI- United Arab Emirates hospital operator NMC Health said on Thursday it was on track to execute its restructuring in line with an initial target to exit administration under Abu Dhabi Global Market in the first half of this year.

Claims from NMC's financial and trade creditors to date are at nearly $6.4 billion, a presentation for lenders published on the healthcare firm's website showed.

Additional creditor claims, if submitted, are estimated to add a further $650 million to total claims, the document said.

NMC, the largest private healthcare provider in the UAE, ran into trouble last year after the disclosure of more than $4 billion in hidden debt left many UAE and overseas lenders with heavy losses.

NMC said the recognition of the ADGM administration order was completed in Dubai International Financial Center (DIFC) offshore courts and that the enforcement of the order was ongoing in onshore courts.

"Recognition and enforcement of the ADGM Administrations and the subsequent stay of the DIFC and Onshore proceedings will assist the fair and efficient running of the ADGM Administrations by protecting and maximising the NMC Companies' assets for the benefit of the creditors of the NMC Companies as a whole."

There are currently 25 lender actions in onshore UAE courts as well as others like labour cases and supplier claims, it said.

(Reporting by Davide Barbuscia and Saeed Azhar; Writing by Yousef Saba; Editing by Jane Merriman and Jonathan Oatis) ((Yousef.Saba@thomsonreuters.com; +971562166204; https://twitter.com/YousefSaba))

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