Dubai Financial Support Fund (DFSF) has been entrusted by the Government of Dubai to head the restructure of Dubai World immediately. The process has begun with the appointment at the direction of the DFSF of a Chief Restructuring Officer (CRO), Aidan Birkett, Managing Partner, Corporate Finance at Deloitte LLP, to Dubai World. The CRO will work with Dubai World’s executive management team to oversee the restructuring process and ensure the continuity of Dubai World’s operations. Dubai World has a portfolio of strategically important businesses and the restructuring will be designed to address financial obligations and improve business efficiency for the future. The DFSF, working with the CRO, will start to assess and evaluate the extent of the restructuring required. As a first step, Dubai World intends to ask all providers of financing to Dubai World and Nakheel to “standstill” and extend maturities until at least 30 May 2010.
The $5 billion bond announced earlier today by the Dubai Department of Finance and managed by the DFSF is not linked to the restructuring of Dubai World and is meant for the general purposes of the DFSF. Dubai World has a portfolio of strategically important businesses and the restructuring plans to address financial obligations and improve business efficiency.
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