Scandal-Hit NMC Exits Administration in UAE and Forms New Entity
NMC Speciality Hospital in Dubai.
Photographer: Christopher Pike/BloombergThis article is for subscribers only.
NMC Healthcare Ltd.’s core businesses have exited administration in the United Arab Emirates, capping a years-long saga that brought the firm to the brink of collapse after it revealed more than $4 billion of undisclosed borrowings.
The firm said 34 units have completed a restructuring process and exited administration on Friday, becoming subsidiaries of a new company, NMC OpCo Ltd. The new entity is the largest integrated private healthcare platform in the UAE and the third largest in Oman, employing over 12,000 people.