(Bloomberg) -- NMC Health Plc said it expects to be placed into administration “in due course,” after Abu Dhabi Commercial Bank PJSC launched a bid to initiate U.K. insolvency proceedings.

Legal advisers have advised the Middle Eastern hospital operator that it’s not in a position to oppose creditors’ efforts to appoint administrators, the company said in a statement Wednesday. A court hearing is scheduled for Thursday in the U.K.

London-listed NMC, founded by Indian entrepreneur Bavaguthu Raghuram Shetty, had seen its stock plunge before it was suspended from trading amid allegations of fraud. Most of NMC’s senior management has resigned since it revealed more than $4 billion of undisclosed debt. The company was also dropped from the FTSE 100 index.

With a market value of $2.4 billion and total debt of $6.6 billion, NMC faces an investigation by the U.K.’s Financial Conduct Authority.

Abu Dhabi Commercial Bank’s exposure is about $981 million, according to Citigroup Inc.

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