NMC Health says it can’t oppose administration request made by creditor

NMC Health NMC, , the Middle Eastern hospital operator that was a FTSE 100 component, on Wednesday said it will be unable to oppose a filing by one of its creditors, Abu Dhabi Commercial Bank, to have it put into administration. NMC Health shares have been halted since late February on concern over unauthorized debts. “The Board has written to the Court indicating that, notwithstanding strenuous efforts to address Creditors’ concerns, it has not been able to secure their alignment and support and has been advised by its counsel that it is not in a position to oppose the application successfully. Accordingly, it expects the Company to be placed into administration in due course,” said NMC in a statement. NMC Health shares suffered after the short seller Muddy Waters drew attention to the firm.
https://www.marketwatch.com/story/nmc-health-says-it-cant-oppose-administration-request-made-by-creditor-2020-04-08