NMC's UAE Entity Weighing Abu Dhabi Option for Restructuring

Troubled hospital operator NMC Health's entity in the United Arab Emirates (UAE), NMC Healthcare LLC, is considering applying for restructuring and insolvency proceedings locally, two sources familiar with the matter said. The move comes three months after NMC Health Plc, the London-listed holding company for the hospital group, went into administration in April after months of turmoil over its finances, the International New York Times reported on a Reuters story. The two sources told Reuters that NMC Healthcare LLC was looking at options to file under the jurisdiction of Abu Dhabi Global Markets (ADGM), which has its own laws relating to insolvency and corporate restructuring. Such a move would help create a framework for the recognition of debt claims while the administrators of NMC Health Plc finalise the scheme of arrangement with creditors, one of the sources said. Read more