Eversheds Advised On DIB’s Resolution With NMC Healthcare
Eversheds Advised On DIB’s Resolution With NMC Healthcare
International law firm Eversheds Sutherland played a pivotal role in brokering a comprehensive settlement between Dubai Islamic Bank (DIB) and NMC Healthcare group (NMC), a prominent private healthcare provider in the UAE.
The agreement resolves various disputes arising from NMC’s involvement in an administration and restructuring process. Through this global settlement, all existing and pending legal battles between the parties, as well as those involving associated third parties, have been successfully resolved.
As part of the settlement terms, DIB will receive both cash consideration and Holdco notes to settle specific claims. These Holdco notes represent instruments issued to legacy creditors in exchange for their acknowledged claims. This arrangement aligns with the Abu Dhabi Global Market (ADGM) restructuring plan, which received creditor approval in September 2021.
Importantly, this agreement positions DIB as the economic owner of NMC Holdco SPV LTD (NMC HoldCo) — the newly established holding company for NMC. NMC HoldCo operates under a deed of company arrangement and is incorporated within the ADGM.
Moreover, the settlement brings an end to all ongoing legal proceedings among the involved parties, with no party admitting liability.
Eversheds Sutherland, with its multi-jurisdictional cross-border team led by Rebecca Copley, Partner and Head of Disputes for the Middle East, along with fellow UK Litigation Partners James Southworth and Sheena Buddhdev, worked closely alongside a large team of partners and associates across the Middle East, Europe, and Asia.
The amicable settlement and resolution benefit both NMC and DIB. It allows NMC to maintain its focus on providing vital healthcare services to millions of patients across the UAE annually. NMC eagerly anticipates renewed collaboration with DIB, while DIB looks forward to supporting NMC as a valued stakeholder, creating a mutually advantageous situation for both organisations, spokespersons for NMC and DIB said in a joint statement.
Rebecca Copley, from Eversheds Sutherland, commented on the case: “We worked very closely with DIB, leveraging our multi-jurisdictional team to its full effect. The case quickly became a “one to watch” for the UAE legal community and internationally.”
Representing DIB in the UAE was Habib Al Mulla. The terms of the deal, including the settlement value, remain confidential.
