Creditors of NMC Health, the former FTSE 100 private healthcare group embroiled in a massive fraud scandal, have approved a restructuring that will allow 34 group companies to exit administration in Abu Dhabi and to continue to operate the core business.
In a vote in the United Arab Emirates yesterday, creditors gave overwhelming support for an effective debt-for-equity swap called a deeds of company arrangement.
A new holding company will be created and controlled by creditors with a future value estimated at $2.25 billion.
Unsecured creditors, including Barclays, are owed an estimated $7.2 billion and are expected to receive 15.5 per cent of the debt, or $1.1 billion. However, returns could increase as the administrator bottoms out t…
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