NMC’s creditors approve the largest $ 4 billion restructuring

NMC Group’s creditors have approved the group’s restructuring offer, allowing its subsidiaries to exit administrative protection in the UAE capital, Abu Dhabi.

The number of subsidiaries of the group is 34 companies It was placed under administrative guardianship after the parent company faltered $ 4 billion in debt.

The group’s activities in the United Arab Emirates e in Oman generated revenue of $ 600 million in the first half of the year, a 10% increase over the group’s previously established business management plan.

In mid-April, three sources and a court document reported that NMC, the largest private healthcare provider in the Emirates, sued in judgment of a bank in Dubai before the courts of Abu Dhabi, in a litigation that could complicate the restructuring of billions of dollars of debt and can delay creditors’ payments.

The healthcare company went through difficulties last year, after the disclosure of a $ 4 billion debt that hadn’t been announced before, and the company’s business in the UAE has been placed in the custody of the courts of the United Arab Emirates. Abu Dhabi Global Market.

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