Bankruptcy Law News

NMC Rejects Call for Administration as Debt Crisis Widens (1)

April 6, 2020, 9:40 AM

The crisis surrounding NMC Health Plc widened, as the struggling hospital operator rejected a call to be put into administration and United Arab Emirates’ banks disclosed more than $2 billion of exposure.

Shares in Dubai Islamic Bank PJSC extended declines after the lender revealed its $541 million of exposure to NMC, risking almost half of its annual profit. Abu Dhabi Islamic Bank PJSC also tumbled after revealing it extended $291.4 million to NMC, the U.A.E.’s largest private health-care provider. Abu Dhabi Commercial Bank PJSC slumped after it asked a court to put NMC into administration.

NMC aims to fight any...

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