NMC Group's creditors have approved the group's offer to restructure, allowing its subsidiaries to exit the administrative tutelage in the UAE capital, Abu Dhabi.
According to Arab Net, the number of the group's subsidiaries reaches 34 companies, which were placed under administrative guardianship after the parent company defaulted on $4 billion in debt.
The group's activities in the UAE and Oman generated $600 million in revenue in the first half of the year, which is 10% more than the pre-established business plan. group.
In mid-April, three sources and a court document reported that NMC, the largest private healthcare provider in the UAE, is suing a Dubai bank before the courts. Abu Dhabi, in a dispute that could complicate the restructuring of the company's billions of dollars of debt and possibly delay creditor payments.
The healthcare company ran into trouble last year, after a previously undisclosed $4 billion debt was disclosed, and the company's business in the UAE was placed under guardianship by the Abu Dhabi Global Market (ADGM) courts. .
