The United Kingdom’s Supreme Court issued its decision today to appoint a guard against “NMC Healthcare” (“NMC” or “The Company”), in response to a request by Abu Dhabi Commercial Bank (“Abu Dhabi Commercial Bank Group” or "The Bank"), and the company did not object to this request.
ADCB and other major lenders of the company concluded that the appointment of a judicial guard is the most appropriate way for the future of NMC and its subsidiaries, the stability of its business, the continuity of operational operations and the interest of patients, the medical staff and all other interested parties. The appointment of a judicial guard aims to quickly restore and stabilize business activity, and is completely different from liquidating company business.
This proactive measure to appoint a company legal guard came as a result of the recent developments that the company witnessed after its statements about allocating debts worth more than $ 4 billion that were not previously disclosed, which places the company at risk of bankruptcy. It has also become clear that the company has not disclosed important information related to its business and its financial and credit status to its lenders, shareholders, credit rating companies and the regulatory agencies overseeing its business, as it had revealed the possibility of suspicions about some of the company’s business and financial activities, without specifying The details of these suspicions, which directly affected the financial and credit situation of the company and its subsidiaries and the interests of Abu Dhabi Commercial Bank and other major parties involved in its business.
Abu Dhabi Commercial Bank's request to appoint a judicial guard was explicitly supported by a number of the main lenders of the company and its subsidiaries, as these entities have expressed serious concern about the cash position of the group and that former members of the board of directors and the executive management team are still They hold important positions in the company and its subsidiaries.
Alvarez & Marsal will immediately assume responsibility for judicial custody of the company so that the judicial guard will manage all the business of the company and its subsidiaries on behalf of all parties involved in its business. The main priority at present is to work for the stability and continuity of the operational and service operations provided by the company and its subsidiaries and in all its health care centers. The Judicial Guard will also undertake the task of setting an effective framework for corporate governance in the company and its subsidiaries and conducting a comprehensive and independent investigation that commits transparency in all its phases, to investigate possible illegal activities and practices that may have been committed in the company or any of its subsidiaries in preparation for trying to recover any assets and funds .
ADCB is committed to cooperating closely with the guard, other lenders, parties involved in the company's business and regulatory agencies to investigate the necessary form of suspicious business that may have occurred in the company and its subsidiaries and to bring the parties involved to justice. The bank is also committed to providing credit facilities to finance working capital in the short term, as soon as the judicial guard starts assuming his duties in the company, in order to contribute to the conduct of the company and its subsidiary companies in this next stage.
The Abu Dhabi Commercial Bank confirms its gratitude and appreciation to all the medical personnel and staff in the group for their efforts to continue providing health care services to the local communities despite the interim challenges. The bank will continue to work alongside other lenders to provide the necessary support to NMC Healthcare under the difficult circumstances imposed by the current conditions.