The hospital operator believes the funds are timely as it”enters a second-phase restructuring”.It disclosed that the funds have been provided “contingent on certain conditions, which the Group are close to completing,”.
These conditions will be covered by the start of a second-phase restructuring and NMC LLC begins the delivery of a new three-year business plan.
The management team along with administrators from Alvarez & Marsal, has developed a three-year business plan that will deliver “continued growth in its core UAE business”.
The business plan will keep exploring the potential sale of international businesses and advise on restructuring alternatives. The administrators and NMC Llc will “share details of the restructuring to free the Group from its historical debt burden.”
According to Richard Fleming, Managing Director of Alvarez & Marsal Europe and Joint Administrator of NMC Health, “Securing new funds, moving to the next phase of restructuring and the development of a three-year business plan are significant milestones.
“I want to acknowledge the extraordinary commitment of NMC LLC’s employees, medical staff, and physicians. Our absolute priority has been and remains doing everything we can to help these key workers provide the highest quality patient care and services.”
“The next phase of the process will see an increased focus on identifying and holding to account those responsible for the illegal and fraudulent actions which created this situation and still pose a threat to the Group and its stakeholders.”