UAE Hospital Group NMC Begins Process to Exit Administration

FILE PHOTO: General view of NMC specialty hospital in Abu Dhabi, United Arab Emirates, February 11, 2020.
REUTERS/SATISH KUMAR
FILE PHOTO: General view of NMC specialty hospital in Abu Dhabi, United Arab Emirates, February 11, 2020. REUTERS/SATISH KUMAR
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UAE Hospital Group NMC Begins Process to Exit Administration

FILE PHOTO: General view of NMC specialty hospital in Abu Dhabi, United Arab Emirates, February 11, 2020.
REUTERS/SATISH KUMAR
FILE PHOTO: General view of NMC specialty hospital in Abu Dhabi, United Arab Emirates, February 11, 2020. REUTERS/SATISH KUMAR

UAE hospital operator NMC said on Wednesday its companies will begin the process of exiting the administration process in Abu Dhabi, creating a new entity controlled by its creditors with a future value of $2.25 billion.

NMC, the largest private healthcare provider in the UAE, ran into trouble last year after the disclosure of more than $4 billion in hidden debt left many UAE and overseas lenders with heavy losses, Reuters reported.

Its UAE operating businesses were placed into administration in the courts of Abu Dhabi's international financial centre ADGM. Claims from creditors rose to $7.1 billion with the majority of $6.7 billion relating to financial creditor claims, the company said in a presentation on Wednesday.

A new NMC Group will be established, while all material entities and assets will be transferred to a new operating entity, it said in a separate presentation.

The operating entity will be owned by a holding company with a future expected value of $2.25 billion, it said.

Creditors will each receive a portion of the $2.25 billion debt claim equal to the expected future value of New NMC Group and will get interest payments for these facilities, it said.

"We have brought the company back from the brink of near total collapse to secure NMC's future and to ensure that our ability to provide world-class patient care is preserved – through thick and thin," Chief Executive Michael Davis said in a statement.

"The first half of 2021 is like daylight compared to the dark nights of the first half of 2020."

NMC said after overwhelming support from creditors, the joint administrators Alvarez & Marsal have proposed deeds of company arrangement (DOCAs), which will allow 34 companies of the NMC group to exit administration.

There will be a creditors' meeting to vote on the proposed DOCAs on Sept 1. Once confirmed by the ADGM courts, it is anticipated it will take three to five months to complete the transfer of shares and assets, it said.



Bitcoin Jumps to Record on Institutional Investor Demand

FILE PHOTO: A bitcoin symbol is displayed on a screen before US Vice President JD Vance speaks at a Bitcoin conference in Las Vegas, Nevada, US, May 28, 2025.   REUTERS/Steve Marcus/File Photo
FILE PHOTO: A bitcoin symbol is displayed on a screen before US Vice President JD Vance speaks at a Bitcoin conference in Las Vegas, Nevada, US, May 28, 2025. REUTERS/Steve Marcus/File Photo
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Bitcoin Jumps to Record on Institutional Investor Demand

FILE PHOTO: A bitcoin symbol is displayed on a screen before US Vice President JD Vance speaks at a Bitcoin conference in Las Vegas, Nevada, US, May 28, 2025.   REUTERS/Steve Marcus/File Photo
FILE PHOTO: A bitcoin symbol is displayed on a screen before US Vice President JD Vance speaks at a Bitcoin conference in Las Vegas, Nevada, US, May 28, 2025. REUTERS/Steve Marcus/File Photo

Bitcoin rallied to an all-time high on Friday, powered by demand from institutional investors and crypto-friendly policies from US President Donald Trump's administration.
The world's largest cryptocurrency rose to a peak of $116,781.10 in the Asian session on Friday, taking its gains for the year so far to more than 24%. It was last trading at $116,563.11, Reuters said.
"Bitcoin's new all-time high is being driven by relentless institutional accumulation - major players are scooping up supply and drying up liquidity on exchanges," said Joshua Chu, co-chair of the Hong Kong Web3 Association.
In March, Trump signed an executive order to establish a strategic reserve of cryptocurrencies. He has also appointed several crypto-friendly individuals, including Securities and Exchange Commission Chair Paul Atkins and White House artificial intelligence czar David Sacks.
Trump's family businesses have also made forays into cryptocurrencies. Trump Media & Technology Group is looking to launch an exchange-traded fund to invest in multiple crypto tokens including Bitcoin, an SEC filing on Tuesday showed.
Ether, the world's second-largest cryptocurrency, similarly jumped nearly 5% to $2,956.82, after earlier hitting a five-month high of $2,998.41.