RE: Reborn?1 Apr 2022 13:44
This was the news I read on Friday.
NMC came out of administration on Friday, ending two years of uncertainty after debts racked up in an alleged fraud threatened to destroy the United Arab Emirates’ largest private healthcare group.
The scandal at NMC left creditors with large outstanding debts. The company collapsed in 2020 after revealing more than $4bn in previously undisclosed liabilities across NMC and other businesses founded by Indian entrepreneur BR Shetty.
A new NMC group, NMC OpCo Ltd, has been formed from 34 of the 36 companies that were subject to the administration proceedings under the courts of Abu Dhabi’s international financial centre, allowing the healthcare operations to continue to trade normally.
The group is now planning to expand its hospitals and clinics, build new revenue streams and find cost efficiencies.
The UK’s NMC Healthcare PLC and UAE-registered NMC Healthcare Ltd will remain in administration, allowing Alvarez & Marsal to continue its investigation and pursue potential avenues to recover funds for creditors.