TOP NEWS: Administrators Appointed To NMC After Creditor Petition

(Alliance News) - NMC Health PLC on Thursday said Alvarez & Marsal Europe LLP have been appointed as administrators of the company by the High Court of England & Wales.

The former FTSE 100 index constituent said its hospitals, medical centres, care facilities and other operations will continue to operate but all decision-making powers will transfer to its administrators, being Richard Fleming, Mark Firmin and Ben Cairns of Alvarez & Marsal.

"All hospitals, medical centres, care facilities and other operations in the group are not subject to the administration procedure, so their current activities will not change. We believe that this move, combined with our planned changes to NMC's governance, is the best way to ensure stability and continued patient care at this difficult time, said Fleming, managing director of Alvarez & Marsal.

"Our absolute priority is to do everything we can to help these key workers provide the highest quality patient care and services. This is a complex and challenging situation and we will be working tirelessly to support NMC colleagues, patients, customers and other stakeholders," he added.

The appointment of administrators comes after NMC Health creditor Abu Dhabi Commercial Bank PJSC, last Thursday, filed an application for the appointment of administrators.

UAE-focused NMC has been beset with issues after an independent review of its finances found evidence of fraud. Earlier in March, NMC had estimated that its debts were around USD5.0 billion. Since then, the group has verified a further USD300 million related to known facilities as at June, USD800 million from undisclosed and unapproved facilities as at June and USD400 million in facilities entered after June.

Shares in NMC Health are currently suspended in London.

By Ife Taiwo; ifetaiwo@alliancenews.com

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