ADCB Sees Creditors Approval for NMC Restructuring in First Half

Abu Dhabi Commercial Bank PJSC, one of the biggest lenders to NMC Health Plc, expects creditors’ approval for a restructuring plan for the collapsed hospital operator in the first half, Bloomberg News reported. The bank recorded 1.66 billion dirhams ($450 million) in provisions and interest in suspense toward NMC, Finablr Plc and associated companies last year, according to a statement. ADCB is “comfortable” with the provisioning levels, “given the positive developments in NMC’s recent financial performance and its ongoing restructuring process,” it said. Founded by Indian entrepreneur Bavaguthu Raghuram Shetty, NMC had a market value of $10 billion at its peak on the London Stock Exchange before allegations of fraud pushed it into administration last year. The firm revealed more than $4 billion of undisclosed borrowings, giving it a total debt of $6.6 billion. Shetty has said that he is the victim of a fraud that also resulted in the administration of NMC’s sister company, foreign-exchange operator Finablr. Last year, Abu Dhabi Commercial Bank said its combined exposure to NMC and Finablr totaled $1.16 billion. Read more.