NMC Health has secured a $250 million financing facility for the group’s operating business and will continue to provide healthcare.
This comes after the London-listed company was put into administration in April due to months of financial turmoil which put them in $6.6 billion in debt.
The loan was given as a conditional on a planned second-phase restructuring of the company, said the administrators Alvarez & Marsal.
The administrators said the restructuring would allow the funding to support operators and stop any unfavourable creditor actions.
Richard Fleming, managing director of Alvarez & Marsal Europe and joint administrator of NMC Health said in a statement: “Alongside delivering increased financial stability for the group, 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.”
The creation of a new three-year business plan is said to be a significant milestone over the past few months and there is confidence in the plan.
The three year business plan has a focused strategy that will deliver continued growth in its UAE business. NMC operates more than 200 facilities which include hospitals, clinics and pharmacies.
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