UAE Hospital Group NMC begins to withdraw from management procedures

UAE Hospital operator National Management Committee It said on Wednesday that its company will begin withdrawing from Abu Dhabi’s administrative procedures because it reported strong first-half revenue.

NMC is the largest private healthcare provider in the UAE. Last year, it was in trouble when it disclosed more than $4 billion in hidden debt, which caused significant losses to many UAE and overseas lending institutions.

Its operations in the UAE have been handed over to the courts of ADGM, Abu Dhabi International Financial Center. The company said that the total amount of creditors’ claims to date is US$6.4 billion.

Its CEO Michael Davis said in a statement: “We have brought the company back from the brink of complete collapse to ensure the future of NMC and to ensure that our ability to provide world-class patient care is preserved— -Whether it is difficult or difficult.” Statement.

“Compared with the dark night in the first half of 2020, the first half of 2021 is like daylight.”

The UAE and Oman businesses are the core assets of the group, with total reported revenue of US$611 million, 10% ahead of the business plan.

NMC stated that with the overwhelming support of creditors, the joint administrator Alvarez & Marsal proposed a Deed of Corporate Arrangement (DOCA), which would allow 34 companies of the NMC Group to withdraw from management.

It stated that a meeting of creditors will be held on September 1 to vote on the proposed DOCA. Once confirmed by the ADGM court, it is estimated that it will take 3-5 months to complete the transfer of shares and assets.