BusinessBusiness RecoveryDubai creditors agree $14.4bn deal

Dubai creditors agree $14.4bn deal

Aidan Birkett hails deal to restructure Dubai World's debts

Aidan Birkett, Dubai World CRO

Indebted Dubai World, the state-owned company, has agreed a restructuring
deal with the majority of its creditors.

Owing $23.5bn (£16.3bn), a deal has been struck with 60% of the bank lenders
to pay back $14.4bn in two tranches.

The first tranche, worth $4.4bn will mature over five years, while the rest
will mature over eight years.

Deloitte’s
Aidan
Birkett
, who is Dubai World’s chief restructuring officer, said the
deal was an “important milestone” towards longer term security.

“The proposal puts the company on a sound financial footing and reflects the
continued support of the government of Dubai and its lenders,” said Birkett.

Further reading:

Shifting
sands – Deloitte tackles Dubai World

ICAEW
to help Dubai’s regulator monitor audit firms

CIMA
expands into Dubai

Related Articles

Big Four insolvency specialist joins Gibson Hewitt

Business Recovery Big Four insolvency specialist joins Gibson Hewitt

1y Richard Crump, Writer
Due diligence on BHS 'extensive' GT partner tells MPs

Accounting Firms Due diligence on BHS 'extensive' GT partner tells MPs

2y Chris Warmoll, Writer
MPs hear from trio of Big Four firms over BHS advice

Accounting Firms MPs hear from trio of Big Four firms over BHS advice

2y Chris Warmoll, Writer
Buyers found for two Powa companies

Business Recovery Buyers found for two Powa companies

2y Chris Warmoll, Writer
Deloitte announce redundancies at Powa Technologies

Business Recovery Deloitte announce redundancies at Powa Technologies

2y Chris Warmoll, Writer
Taking Stock: Spotting accounting flaws is child’s play

Audit Taking Stock: Spotting accounting flaws is child’s play

2y Taking Stock
Deloitte MG Rover appeal set for new date

Business Recovery Deloitte MG Rover appeal set for new date

3y Chris Warmoll, Writer
Deloitte to oversee rescue deal at Austin Reed

Accounting Firms Deloitte to oversee rescue deal at Austin Reed

3y Richard Crump, Writer