NMC Health still in talks with creditors, says Chairman

NMC Health is still in talks with the competent authorities to define the violators and redeem the stolen funds, Al Bayan newspaper reported, citing executive chairman Faisal Belhoul.

"These violations are attributed to administrative irregularities and unacceptable practices, which weighed on the company," Belhoul said, adding that joining the company's new board of directors was a rescue mission.

"NMC has a strategy and a restructuring plan aimed at fulfilling the operating and financial stability," Belhoul said.

NMC is still in talks with the 75 creditors to reach a settlement, as the company owed $6.6 billion in debts, which is considered an alarming and an unexpected figure, Belhoul noted.

"Talks have reached an advanced stage, however, the high leverage is considered a big challenge," he added.

Earlier this week, the UAE’s Abu Dhabi Commercial Bank (ADCB) applied to Britain’s High Court to appoint joint administrators for NMC Health and its subsidiaries, in order to safeguard the future of NMC Health and its subsidiaries.

NMC, the London-listed company recently revealed previously undisclosed liabilities of over $4 billion since the publication of interim reviewed financial statements as of 30 June 2019.