Abu Dhabi Global Market Courts have appointed Alvarez & Marsal Restructuring Consultants as an administrative trustee of a group of operating companies related to NMC Health Care Hospital Management. / p>
According to Reuters, Alvarez said in an e-mailed statement that Richard Fleming and Ben Kearns of Alvarez & Marsal and Chinese management associates had been appointed, and that the management process would deal with levels High in corporate debt.
Alvarez has already managed LSE-listed NMC Healthcare Holdings since April after months of turmoil over financial troubles.
Alvarez said on Sunday that her choice is directly related to the 36 companies operating in the UAE and does not apply to the group's activities outside the country.
she added that her appointment would also allow the group of entities to obtain additional funding of $ 325 million while protecting companies from any action by creditors.
She clarified that the Trustees would undertake the financial restructuring of these projects while the current NMC management team would remain in the daily operating sites for medical activities.
NMC Health is the largest private sector healthcare provider in the UAE and operates more than 200 facilities including hospitals, medical centers and pharmacies.
The company collapsed this year amid allegations of fraud and the discovery of hidden debt of more than four billion, which left large losses on lenders in the UAE and abroad, and unleashed judicial battles in an attempt to recover the money.
