UAE’s NMC Health in talks with lenders to avoid administration

06/04/2020 Argaam

 

UAE-based NMC Health is in talks with Abu Dhabi Commercial Bank (ADCB) and other lenders to withdraw the application seeking the appointment of administrations, it said in a statement filed on the London Stock Exchange on Monday.

 

The appointment of administrators will not be in the interest of stakeholders, the statement added.

 

In addition, the resolution with lenders is likely to involve changes to corporate governance at the company and the composition of the board itself.

 

Last week, ADCB applied to Britain’s High Court to appoint joint administrators for NMC Health and its subsidiaries.

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