ADGM Courts Appoint Legal Guards On NMC In UAE
Muhammad Irfan 29 days ago Mon 28th September 2020 | 01:30 AM
(UrduPoint / Pakistan Point News / WAM - 28th Sep, 2020) ABU DHABI, 27th September 2020 (WAM) - The Abu Dhabi Global Market, ADGM, Courts have appointed Richard Fleming and Ben Cairns of Alvarez & Marsal as administrators of the NMC Healthcare's group of operating companies and businesses.
According to the courts' decision, the administrators would lead the financial restructuring of 36 NMC's entities and enable them to secure an additional US$325 million financing facility whilst protecting the businesses from creditor action. The decision does not apply to businesses outside the UAE.
According to a statement issued by ADGM Courts, the NMC Group will be subject to guardianship procedures "to a limited extent." All hospitals, medical centers and clinics under the guardianship will continue to provide health care services to patients without any change and within the best international standards. The group’s management team and the two legal guards will also work in coordination with government agencies, regulatory and legislative bodies, and relevant stakeholders.
The statement says that the NMC Group continues to achieve strong performance within its main operational activities, 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. The group also continues to provide distinguished services to its customers.
Michael Davis, NMC Healthcare Group’s Acting CEO and Chief Operating Officer, described the measures as a positive step for the restructuring of the Group's operation that would enable addressing the financial challenges faced since the uncovering of the fraud cases earlier this year.
He added that the Group's strong performance will help provide top of the line services to the patients during the guardianship period.
Richard Fleming, Managing Director of Alvarez & Marsal 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.