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NMC, the UAE hospital operator, announced on Wednesday that its companies will begin the process of quitting the administration process in Abu Dhabi, following a high first-half revenue.NMC, the UAE’s largest private healthcare provider, ran into problems last year when it revealed more than $4 billion in undisclosed debt, causing significant losses for numerous UAE and abroad lenders.
Its UAE operations were placed under administration in the courts of Abu Dhabi’s international financial center ADGM. According to the corporation, claims from creditors total $6.4 billion as of today.
“We have brought the company back from the brink of near total collapse to secure NMC’s future and to ensure that our ability to provide world-class patient care is preserved – through thick and thin,” said its chief executive, Michael Davis, in a statement.
“The first half of 2021 is like daylight compared to the dark nights of the first half of 2020.”
The group’s primary assets, the UAE and Oman businesses, generated gross revenues of $611 million, which were 10% higher than expected. The joint administrators Alvarez & Marsal have presented deeds of company arrangement (DOCAs) that will allow 34 companies in the NMC group to exit administration, according to NMC, after receiving overwhelming support from creditors. On September 1, a meeting of creditors will be held to vote on the proposed DOCAs. It is expected that once the ADGM courts have confirmed the transfer of shares and assets, it would take between 3-5 months to finalize.