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Wed 15 Apr 2020 02:34 PM

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NMC Health: ADCB files criminal case against healthcare firm in Abu Dhabi

Criminal proceedings against a number of people tied to embattled NMC Health are now underway

NMC Health: ADCB files criminal case against healthcare firm in Abu Dhabi

Abu Dhabi Commercial Bank (ADCB) has initiated criminal proceedings in Abu Dhabi against "a number of individuals" in relation to embattled NMC Health, the company has announced.

In a statement, the bank said that “this action is consistent with the bank’s objective to protect its interest.”

“ADCB continues to work closely with other creditors and the joint administrators to ensure its continuity of NMC Health’s operations and a rapid recovery of the business,” the statement said.

No further details were provided.

Earlier on Wednesday, it was reported that ADCB will chair a coordinating committee of shareholders as the firm works to restructure its $6.6 billion debt pile.

In a letter to lenders dated Monday, NMC acting CEO Michael Davis said that Deloitte and Clifford Chance LLP have been appointed to advise the committee, while Lazard Ltd. will work with its chair.

The committee will also include Abu Dhabi Islamic Bank PJSC, Dubai Islamic Bank PJSC, Barclays Plc and Standard Chartered Plc will join Abu Dhabi Commercial Bank.

Other lenders will then reportedly be invited to join the coordinating committee, which will work to support NMC’s recapitalisation strategy.

NMC is currently being run by administrators Alvarez & Marsal Inc. The company plans to hold a call with lenders on April 20 to give further details on the proposed recapitalisation process, according to the letter.

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