DUBAI, June 9 (Reuters) - Hospital operator NMC will proceed
with the sale of non-core international assets despite the
planned transfer of the company's business to creditors
following a restructuring exercise, its joint administrators
The statement came after joint administrators from Alvarez &
Marsal said earlier this week it will shortly launch the formal
voting process to complete the financial restructuring of the
NMC business, ensuring its exit from administration in Abu
"The sale process of the non-core international assets is
proceeding and we hope to be able to make more formal
announcements on these soon," Richard Fleming, the joint
administrator said in an email on Wednesday.
NMC's core assets are in the United Arab Emirates and Oman.
In December last year it agreed to sell Spain-based fertility
business Eugin Group. Its also owns Aspen Healthcare, a small
private hospital chain in the UK, and has a joint venture in
Saudi Arabia with seven facilities.
A source said creditors would take a decision later
concerning the planned sale process for the core business in the
UAE and Oman.
NMC, which was founded by Indian businessman BR Shetty in
the mid-1970s, became the largest private healthcare provider in
the UAE but ran into trouble after short-seller Muddy Waters
questioned its financial reporting and doubts emerged over the
size of stakes owned by its biggest shareholders.
NMC also disclosed more than $4 billion in hidden debt,
which led to the London-listed NMC Health being put into
administration in April last year.
Later UAE operating businesses were placed into
administration in the courts of Abu Dhabi's international
financial centre ADGM.
(Reporting by Saeed Azhar; Editing by Kirsten Donovan)