The decision includes 36 subsidiary companies of the group in the country

Abu Dhabi Global courts appoint two judicial guards for NMC in the UAE

The operating performance of the group is strong, which helps to provide patients with services within the best standards.

Emirates today

The Abu Dhabi Global Market Courts have issued a decision to appoint Richard Fleming and Ben Kearns, of "Alvarez & Marsal", as judicial guards for a number of companies and businesses of the "NMC Healthcare Group" (NMC Group).

According to a statement issued yesterday, that this decision includes 36 companies belonging to the group in the UAE, according to which the two judicial guards will be able to conduct a financial restructuring to address the high levels of debts owed by the group, which were previously announced this year. C »from obtaining additional financing facilities worth $ 325 million, and protecting it from creditors’ procedures, noting that this decision does not include the group’s subsidiaries outside the UAE.

Guardianship procedures

Based on this decision, NMC Group will be subject to guardianship procedures "to a limited extent", as the current management team of the "NMC Group" will continue to oversee the day-to-day operations of healthcare services, while the two legal guards will oversee the financial restructuring procedures.

All hospitals, medical centers and clinics under guardianship will continue to provide health care services to patients, without any change and within the best international standards, and the management team of the group and the two legal guards will work in coordination with government agencies, regulatory and legislative bodies, and relevant stakeholders.

According to the statement, "NMC Group" continues to achieve strong performance within its main operational business, as it has greatly contributed to containing the crisis of the "Covid-19" virus, especially after all of its hospitals in the UAE are free of any person infected with the virus, and the group also continues to provide Its distinguished services to the customers.

Positive step

The Acting Chief Executive Officer of Operations at "NMC Healthcare Group", Michael Davis, considered these measures a positive step for the group's organizational restructuring, which also enables him to address the financial challenges he has faced, since the fraud was first detected This year.

He stressed that the operating performance of the group is characterized by strength, which helps to provide health care services to patients within the best standards, during the period of legal guardianship procedures, pointing out that the financial restructuring will contribute to the stability of the group's business, and contribute positively and effectively to the health sector in the UAE.

Continuity of services

For his part, General Manager of "Alvarez & Marsal" and one of the judicial guards, Richard Fleming, said that legal guardianship "in a limited way" will contribute to protecting the group from creditors' procedures, and will enable it to obtain financing facilities to deal with the debts owed by the group, which was achieved. The Guardians of the Two Laws, through obtaining additional funding of $ 325 million, to ensure support for operational business and restructuring procedures.

He stressed that all hospitals, medical centers and health care facilities, and all operational operations of the group subject to guardianship procedures, will continue to provide their services as usual.

Hospitals and medical centers belonging to the group, which are subject to the procedures of guardianship, will continue to provide their services as usual.

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