Emirates News Emirates News “Abu Dhabi Global Courts” appoints two judicial guards for a number of companies affiliated with the NMC Group. The source of the news – UAE – the statement with details of the news. “Abu Dhabi Global Courts” appoints two judicial guards for a number of companies affiliated with the NMC Group:
This decision includes 36 companies affiliated with the (NMC) group in the United Arab Emirates, according to which the two legal guards will be able to conduct a financial restructuring to address the high levels of debt owed by the group, which were previously announced during this year.
NMC Group will also be able to obtain additional financing facilities worth $ 325 million and protect it from creditors’ actions.
It should be noted that this decision does not include subsidiaries of (NMC) Group outside the United Arab Emirates.
Based on this decision, NMC Group will be subject to guardianship procedures in a “limited” manner. The current management team of the group will continue to oversee the day-to-day operations of healthcare services, while the two legal guards will oversee the financial restructuring procedures.
And 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 NMC Group management team and the two legal guards will work in coordination with government agencies, regulatory and legislative bodies, and relevant stakeholders.
The (NMC) Group continues to achieve strong performance within its main operational activities, as it has greatly contributed to containing the Covid-19 virus crisis, especially after all of its hospitals in the UAE are empty of any person infected with the virus.
The group also continues to provide distinguished services to customers, after the opening of “NMC Royal Medical Centers” in the areas of Karama and Shahama earlier this year, in addition to the opening of “Cosmosurge” Hospital in the Jumeirah area last July.
The two clinics in Al Karama and Al Shahama have received more than 6000 patients since their opening this year. All operating rooms at Cosmosurge Hospital in the Jumeirah area have been occupied since the first day of its opening.
Michael Davis, Acting CEO and Chief Operating Officer of NMC Healthcare Group said: “There is no doubt that these measures are a positive step for the organizational restructuring of NMC Group, which also enables us to address the financial challenges we have faced since That fraud was detected at the beginning of this year .. On the other hand, the operational performance of NMC Group is strong, which helps us to provide health care services to patients within the best standards during the period of legal guardianship procedures .. And the financial restructuring will contribute. To stabilize the group’s business and contribute positively and effectively to the health sector of the United Arab Emirates.
“I would also like to extend my sincere thanks and gratitude to all the employees of the NMC Group, including doctors and nurses, for their commitment and dedication over the past months … and I extend my sincere thanks to all the suppliers, insurance companies and regulatory bodies in the UAE for their unlimited support.” For the group .. And in our turn, our focus is on providing the best healthcare services to patients, and we are confident that we will be able to overcome this stage and achieve better results in the future. ”
For his part, Richard Fleming, General Manager of Alvarez & Marsal, and one of the legal guards, said: “Legal guardianship in a“ limited way ”will contribute to protecting NMC Group from creditors’ actions and will enable it to obtain financing facilities to deal with the debts owed by the group, which is why The two judicial guards achieved this by obtaining an additional funding of 325 million US dollars to ensure support for the operational work, especially in light of the repercussions of the Covid-19 virus and restructuring procedures .. And all hospitals, medical centers, health care facilities and all operations of the group and subject to guardianship procedures will continue, To provide its services as usual. ”
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