UAE company NMC Health officials are looking forward to completing the creditors-led restructuring or selling the company by the end of April next year.

According to Arabiyanet, consultants working on restructuring also expect sales of non-core assets to be achieved quickly, with bids submitted to the Spain-based Lumera IVF Clinics and the Hospital Company. UK-based private Spain Healthcare by early next month.

"We want to complete this process in the first quarter or at the end of the six-month period," said Max Frangulov, managing director of Alvarez and the legal guardian of the company appointed in April. The first of 2021, The National reports.

Frangulov said that the company's managers have 3 main goals: saving the business, maximizing the returns to creditors, and prosecuting violators.

and indicated that lenders will be required to vote on the two options, and if the reorganization is not agreed upon by the end of February, the sale will begin, which will end by April 30 of the year. Next.

As part of the restructuring, the company will be recapitalized with $ 203 million in secured debt and between $ 325 million and $ 650 million in exit facilities. The lenders will likely get higher returns, but they will need to wait longer for the company to generate the profits needed to pay off the claims.

It is expected that up to 200 million dirhams ($ 54.5 million) will be generated through the sale and liquidation of NMC Health's commercial business, as agreements have been concluded with 3 distributors to sell the same company, which generated 60 million dirhams in cash and reduced accounts payable by 40 million dirhams, in addition to facilitating the transfer of about 600 to 800 employees.

A deal has also been agreed to sell NMC Health's commercial assets, such as cars and warehouse leases, to Abu Dhabi-based Yas Holding for 45 million dirhams. A separate deal of 50 million dirhams was also agreed with Yas Holding for the medical supplies business of NMC Cytomed.

With regard to the prosecution of violators, an investigation report will be submitted by next December. The details of the fraud that occurred will be determined and the perpetrators and any complicit parties will be identified, according to Franjulov.

And last July, a Dubai court issued a ruling freezing the assets of Indian businessman BR Shetty, founder of Ed ...