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The UAE's Dubai Islamic Bank (DIB) and hospital operator NMC Healthcare group (NMC) have signed an out of court settlement that will resolve all litigation between them and those related to third parties worldwide, a joint statement on NMC's website said.
On Tuesday, as part of the global settlement, the parties have agreed that DIB will receive cash consideration and Holdco notes in settlement of certain claims. The Holdco notes are instruments that are issued to legacy creditors in NMC HoldCo SPV Ltd. in exchange for their admitted claims.
NMC, a UAE-based private healthcare provider founded by Indian entrepreneur B. R. Shetty , was placed in administration in 2020 after it disclosed more than $4 billion in debt.
DIB will become an economic owner of NMC Holdco SPV LTD, NMC’s new holding company which is incorporated in the ADGM, under a deed of company arrangement, a joint statement on NMC's website said.
The settlement also provides that all parties will cease and discontinue all current proceedings between them, with no admission of liability made by any of the parties.
MC Holdco owns the restructured NMC operating companies through its wholly owned subsidiary, NMC Opco Ltd also incorporated in the ADGM. NMC Opco owns and operates 85 healthcare facilities in the UAE and the region.
(Writing by Brinda Darasha; editing by Seban Scaria)
