• 16 December 2021 is date for completion of restructuring and delivery from administration to new owners
  • Moved to the implementation phase of the DOCAs with significant focus on satisfaction of the various Restructuring conditions 

Abu Dhabi – UAE: NMC Healthcare Ltd (“NMC” or the “Company” or together with its subsidiaries the “Group”), the largest private healthcare company in the UAE, today reported its financial and operating results for third quarter ending 30 September 2021 as it looks to exit administration and handover to new ownership before the end of the year.

Gross revenues for the NMC’s UAE and Oman business of US$915M (2020:US$816m) are 8% ahead of the business plan. The number of patient encounters across the group is 6.7 million year-to-date (2020: 3.7 million patient encounters).

With the Group receiving overwhelming support and approval from creditors in September 2021, the Joint Administrators have moved to the implementation phase of the deeds of company arrangements (DOCAs), wherein the NMC Group operating companies will leave administration and become owned by the creditors. The company, creditors and advisors are working to secure the final regulatory and other approvals to ensure the Company can complete the restructuring and Group can exit administration in the expected timeframe of 16 December 2021.

Richard Fleming, Managing Director of Alvarez & Marsal Europe LLP and Joint Administrator of NMC PLC and NMC Healthcare said: “We are looking forward to successfully delivering the new NMC Health out of administration to its new owners on 16 December 2021. It's been a long road and we have had to overcome many obstacles, but we are very grateful to all our stakeholders who have universally rallied behind the NMC team to make it happen. We are now entering the finishing straight and need one last effort to pull together the final elements to get over the line. After significant operational and financial restructuring NMC is better placed than ever to take advantage of the new opportunities ahead ensuring that the excellent quality of care offered to patients in the Group’s facilities continues.”

-Ends- 

Media Enquiries:
Middle East Media Enquiries
Hanover Communications Middle East
Jonty Summers                 +971 (0)55 559 7398
Kiran Makhija                    +971 (0)55 471 0294
nmchealthcare@hanovercomms.com 

UK/International Media Enquiries
Headland Consultancy
Susanna Voyle                 +44 7980 894 557
Charlie Twigg                    +44 7946 494 568
nmchealthgroup@headlandconsultancy.com  

About NMC Health

NMC is one of the leading private healthcare operators in the Gulf Cooperation Council ("GCC") with an international network of multi-specialty inpatient and outpatient clinics and hospitals, specialised maternity and fertility clinics, and long-term care homes across nineteen countries. The NMC Health Group is recognised as a leading provider of long-term medical care in the UAE through its subsidiary ProVita. NMC has a total capacity of 2,207 licensed beds across its network.

NMC Health Plc was placed into administration by the High Court of Justice, Business and Property Courts of England and Wales on 9 April 2020 and Richard Fleming, Mark Firmin and Ben Cairns of Alvarez & Marsal Europe LLP were appointed as Joint Administrators. On 27 September 2020 a number of the entities of the NMC Healthcare Group Ltd were placed into administration under Abu Dhabi Global Market Regulations. Richard Fleming and Ben Cairns were appointed as Joint Administrators. For full information regarding these appointments please redirect to this web page: https://nmc.ae/ 

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.