The administrator of NMC Health is exploring a sale of its drug distribution business, despite one of its biggest creditors warning only last month that such a plan was “extremely concerning”.
Alvarez & Marsal was appointed as administrator to the private healthcare company in April after an application to the High Court by Abu Dhabi Commercial Bank, which is majority-owned by the Abu Dhabi government and has exposure of almost $1 billion. NMC Health was brought down by a suspected fraud scandal this year.
In its application to the court last month, the Abu Dhabi bank strongly opposed a sale of the distribution business with a valuation of about $300 million. The bank said that the NMC group was “built on the strategic concept that
