UAE: Alvarez & Marsal appointed administrators of more than 30 NMC businesses

Consultancy firm Alvarez & Marsal have been appointed as administrators of a large number of NMC Health-related companies in the Abu Dhabi Global Market (ADGM).

Richard Fleming and Ben Cairns of Alvarez & Marsal were appointed as joint administrators of 36 operating businesses in the NMC Group on 27 September.

Some of these businesses include Fakih IVF Fertility Center, NMC Healthcare and Al Zahra Hospital Company.

NMC said that these administrations are part of the next step in its efforts to restructure its debt following the discovery of substantial fraud within the group, and to ‘get additional money into the business’.

‘Our primary objectives remain the same: to ensure continuity of patient care, stability of employees and vendors, and financial security for NMC’s operating companies,’ the company added in a statement.

Alvarez & Marsal was already acting as administrators for NMC Healthcare’s London-listed holding company NMC Health, after going into administration in April following ongoing investigations over its finances.

In March the private health provider revealed its true debt position had grown to US$6.6bn.

Most recently, a number of NMC’s other businesses have attracted attention from potential buyers. These include its Spanish fertility business Clinica Eugin, NMC Trading and Aspen Healthcare.