Deloitte administrators urge Dubai World creditors to accept deal

Deloitte administrators yesterday urged Dubai World creditors to agree to a
restructuring deal, and gave them the chance to air their grievances at an
independent tribunal.

Adrian Birkett, one of the administrators and managing director of Deloitte’s
corporate finance division, was among the team that set up the tribunal allow
creditors to voice concerns, but to ultimately enable the deal to go through. It
includes extending debt maturities to between five and eight years,
The
Telegraph reports.

Earlier this year seven of the leading banks, chaired by the Royal Bank of
Scotland, agreed to the terms of the deal. Collectively the seven banks are owed
$23.5bn (£15.3bn) and part of the deal includes repaying $14.4bn in two
tranches.

The rest of the business is owned by approximately 73 banks, which sent
representatives to the meeting yesterday.

Sir Anthony Evans, a British judge who is chief justice of the Dubai
International Financial Centre Courts, has been appointed to the special
tribunal.

Another condition proposed by administrators is to sell assets of the
business at the best time for the best price rather than immediately.

Further reading:

Dubai
creditors agree $14.4bn deal

Shifting
sands – Deloitte tackles Dubai World