NMC Healthcare expected to come out of administration in mid-March

NMC Healthcare is expected to come out of the administration in the middle of March as a new board has been appointed, a senior official said on Monday.

Speaking on the sidelines of the launch of home dialysis service in Dubai on Monday, Michael Davis, chief executive of NMC Healthcare, said the company is also open for acquisitions that can support its growth strategy but clarified there is nothing on the table now.

“Not this year but in the future as we move towards new ownership and we have a new board of directors… We are talking about the middle of March (that) we are coming out of the administration. A new board has been appointed but not yet installed. There will be more announcements later that I can’t disclose now,” said Davis.

“These are very important times for NMC Healthcare and we are really excited about what the next one year to 18 months holds for us,” Davis said on the sidelines of the press conference on Monday.

In November 2021, the healthcare services provider had said it expected to exit administration and be taken over by its creditors before the end of 2021 under an agreed restructuring.

It ran into trouble in 2021 after more than $4 billion in hidden debt left many local and foreign banks with heavy losses and its UAE operating businesses were placed into administration in the courts of Abu Dhabi’s international financial centre Abu Dhabi Global Markets (ADGM).

In September, its creditors, who owed a total of $7.1 billion, approved a restructuring of the company which would give them the ownership of 34 NMC group companies and allow them to exist administration in Abu Dhabi.

– waheedabbas@khaleejtimes.com