The Abu Dhabi Global Market Courts have issued a decision to appoint Richard Fleming and Ben Kearns of “Alvarez & Marsal” as guardians of a number of companies and businesses of the “NMC Healthcare Group” (NMC Group).
According to a statement issued yesterday, that this decision includes 36 companies belonging to the group in the UAE, according to which the two judicial guards will be able to conduct a financial restructuring to address the high levels of debts owed by the group, which were previously announced during the current year. From obtaining additional financing facilities worth $ 325 million, and protecting it from creditors’ procedures, noting that this decision does not include the group’s subsidiaries outside the UAE.
Based on this decision, NMC Group will be subject to guardianship procedures “to a limited extent.” All hospitals, medical centers and clinics under the guardianship will continue to provide health care services to patients without any change and within the best international standards. The group’s management team and the two legal guards will also work in coordination with government agencies, regulatory and legislative bodies, and relevant stakeholders.
According to the statement, “NMC Group” continues to achieve strong performance within its main operational activities, as it has greatly contributed to containing the crisis of the “Covid-19” virus, especially after all of its hospitals in the UAE are free of any person infected with the virus. The group also continues to provide distinguished services to its customers.
NMC Healthcare Group’s Acting CEO and Chief Operating Officer, Michael Davis, considered these measures a positive step for the group’s organizational restructuring, which also enables it to address the financial challenges it has faced since the fraud was uncovered at the beginning of the year. Ongoing.
He stressed that the operating performance of the group is characterized by strength, which helps to provide health care services to patients within the best standards during the period of legal guardianship procedures, pointing out that the financial restructuring will contribute to the stability of the group’s business, and contribute positively and effectively to the health sector in the UAE.
Continuity of services
For his part, the general manager of “Alvarez & Marsal” and one of the legal guards, Richard Fleming, said that legal guardianship “in a limited way” will contribute to protecting the group from creditors’ procedures, and will enable it to obtain financing facilities to deal with the debts owed by the group, which The two attorneys achieved it by securing an additional $ 325 million in funding to ensure operational support and restructuring procedures.
He stressed that all hospitals, medical centers, health care facilities, and all operational operations of the group that are subject to guardianship procedures, will continue to provide their services as usual.
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