Business

NMC Health says expects to be placed into administration in due course

NMC Health says expects to be placed into administration in due course

Healthcare company NMC Health said on Wednesday that it expects to be placed into administration in due course, following weeks of uncertainty relating to its debt levels and undisclosed shareholder dealings.

NMC said in a statement that it was unable to secure alignment with its creditors despite strenuous efforts to address their concerns.

Abu Dhabi Commercial Bank, one of the major lenders to NMC Health, had filed an application earlier this month in a UK court to put the company into administration.

NMC has seen its stock more than halve in value since December after short-seller Muddy Waters questioned its financial statements.

Earlier this week, UAE's top banks including Emirates NBD and Dubai Islamic Bank disclosed hundreds of millions of dollars of exposure to NMC, which analysts say face potential writedown on the debt.

- Reuters