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Milbank LLP has advised on the ‘Restructuring Deal of the Year’ at the IFLR Middle East Awards 2022.
The firm advised Abu Dhabi Commercial Bank and certain other financial institutions on the US$7 Billion NMC Healthcare Financial Restructuring, the largest private healthcare provider in the United Arab Emirates. The restructuring was particularly innovative as it represented a groundbreaking financial restructuring of NMC’s US$7 billion of debt and a separation of the operating group of NMC from its former holding company in a market-first exit from administration pursuant to the deed of company arrangement under the Abu Dhabi Global Markets insolvency regulations. The transaction also involved an innovative administration financing package incorporating elements of US Chapter 11 technology.
The Milbank team was led by London partners Karen McMaster (Financial Restructuring), Tom Canning (Litigation) and John Dewar (Finance), with support from a wider cross-practice team, including special counsel Munib Hussain.
Partner Karen McMaster commented: “We are delighted to have received an award in recognition of our hard work on this deal. Congratulations to all other firms involved, as well as my colleagues who contributed to the success of this deal.”
Partner John Dewar added: “We are so pleased the deal has been credited for its groundbreaking nature. It is a perfect example of the complex, international and cross-practice work which we do at Milbank.”
The IFLR awards recognize the most innovative and impressive work in the market over the last 12 months across private practice and in-house legal teams across regions.
The full list of award winners can be found here.
