NMC Health set for administration as negotiation attempts with creditors fail
Abu Dhabi's biggest healthcare company is heading for administration as the company revealed it had been unable to secure an agreement on its debt. NMC Health has made a series of damaging disclosures in the past few months after a report by activist investor Muddy Waters in December alleged it inflated cash balances, overpaid for assets and understated its debt. Following the disclosures, chairmen and executives departed from the firm. According to a disclosure from Abu Dhabi Commercial Bank (ADCB), NMC Health owes money to more than 80 local, regional and international lenders. ADCB said it expects joint administrators to launch a full, transparent and independent investigation into the company's affairs and the misrepresentation of its finances.
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