Dubai Government orders immediate restructuring of Dubai World
The Government of Dubai, acting through the Supreme Fiscal Committee (SFC) has authorized the Dubai Financial Support Fund (DFSF) to lead the restructure of Dubai World with immediate effect.
The restructuring process has begun with the appointment of a Chief Restructuring Officer (CRO), Aidan Birkett, Managing Partner - Corporate Finance at Deloitte LLP, at the direction of the DFSF.
The CRO will work with Dubai World’s executive management team to oversee the restructuring process and ensure the continuity of Dubai World Operations.
The restructuring will be designed to address financial obligations and improve business efficiency for the future.
The DFSF, together with the CRO, will begin assessing and evaluating the extent of re-structuring required.
Dubai World seeks to ask all providers of financing to Dubai World and Nakheel to extend maturities until 30th May 2010.
The $5bn bond announced by the Dubai Department of Finance and managed by DFSF is not associated to the restructuring of Dubai World and is meant for general purposes of DFSF.
Posted on 30/11/2009
Recent Articles
Abu Dhabi to get new industrial zonesUAE to witness increased influx of foreign tourists this year
Tallest hotel in the world to open doors in Dubai, this year
New Dh 2bn road project underway to link Dubai and Abu Dhabi
Dubai rated as most attractive investment location
Tawdheef Recruitment Show in UAE opens up opportunities galore
Emirates Identity Card processing, now cheaper and easier
New law likely to settle employee-employer disputes
UAE tourism sector grows ten-fold within four decades
Nakheel to open new shopping mall at Palm Jumeirah to woo tourists