NMC Creditors Back Restructuring, With Administration Exit Near

NMC Healthcare Ltd. said it won approval from creditors for the restructuring process that allows the bulk of the hospital operator’s business to exit administration, Bloomberg News reported. NMC secured 95% of the eligible creditor vote for the deeds of company arrangement proposals, according to a statement from the largest private medical services provider in the United Arab Emirates. A local Abu Dhabi court still needs to confirm the vote, NMC said. It could then take as many as five months to draw a line under the process and enable 34 NMC operating entities to leave administration, it said. NMC Healthcare will remain in administration to pursue claims which, if successful, will be distributed to certain creditors. NMC’s founder recently accused the company’s audit firm Ernst & Young LLP of concealing the fraud to investors. NMC Health Plc, most of whose assets and companies are being transferred to the new group, was once listed on the London Stock Exchange. It collapsed in 2019 after revealing that it had more than $4 billion of undisclosed borrowings. NMC was placed into administration almost a year ago to prevent the company from collapsing. Read more.