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The administrators of NMC Health outlined a restructuring plan to lenders owed about $6.4 billion by the company, which would lead to more than $4bn of its debts being wiped out.
Joint administrators from Alvarez & Marsal outlined a Deed of Company Arrangement plan which would mean lenders agreeing to compromise their claims in return for exit instruments in a new holding company, with a view to achieving a "controlled" exit from the company within three years.
A presentation to lenders stated that administrators have so far received 927 claims from creditors, but there are 10 other "main financial creditors" that have yet to file before a deadline at the end of this month, which could add a further $650m to the total.