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According to Reuters, this came three months after NMC, a UK-registered holding company, was put under custody in April due to problems due to Her financial situation lasted for months.
Two sources told Reuters that NMC Healthcare is looking at options to apply under the authority of the Abu Dhabi Global Market, which has its own laws of bankruptcy and corporate restructuring. p>
A source said that such a move would contribute to setting a framework for identifying debt claims, while the trustees of NMC Health end up with an arrangement arrangement with creditors. p>
The system of arrangements is a binding agreement regarding the payment of debts of a company or part thereof within a specified period of time.
The guardians declined to comment. Abu Dhabi Global Market did not respond to a request for comment.
NMC Health is the largest private healthcare provider in the UAE and operates more than 200 facilities including hospitals, clinics and pharmacies.
The company's operating entities were unaffected by the appointment of guardians in April and continued to provide services.
The second source said that the situation is unlikely to change due to the UAE authorities' keenness that hospital services in the Gulf state will not be affected during the Covid-19 pandemic.
The collapse of the company this year amid accusations of fraud and the disclosure of hidden debts exceeding $ 4 billion has resulted in UAE banks and lenders from abroad incurring huge losses and leading to legal battles to try to recover the debt.
The company’s troubles began in December, when American material company Watermarks raised short concerns about its financial statements and trouble worsened due to doubts over the size of the stakes of major shareholders, including its founder. BR Shetty.
(Amazon fun of knowledge)
