BusinessBusiness RecoveryDeloitte administrators urge Dubai World creditors to accept deal

Deloitte administrators urge Dubai World creditors to accept deal

Deloitte administrators called a meeting and introduced a special tribunal to explain the terms of the restructuring deal to creditors

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

Related Articles

R3 calls for creditor 'breathing space' to help turn companies around

Accounting Standards R3 calls for creditor 'breathing space' to help turn companies around

2y Chris Warmoll, Writer
R3 cautiously welcomes advent of simpler bankruptcy regime

Business Recovery R3 cautiously welcomes advent of simpler bankruptcy regime

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
Former Scots Tory party treasurer hit with bankruptcy restrictions

Business Recovery Former Scots Tory party treasurer hit with bankruptcy restrictions

2y Richard Crump, Writer
Administrations ‘flat-line’ as personal insolvencies hit low

Business Recovery Administrations ‘flat-line’ as personal insolvencies hit low

2y Richard Crump, Writer
Company and personal insolvencies sink to pre-recession lows

Business Recovery Company and personal insolvencies sink to pre-recession lows

3y Richard Crump, Writer
Bankruptcies hit lowest quarterly level in 15 years

Business Recovery Bankruptcies hit lowest quarterly level in 15 years

3y Richard Crump, Writer
PwC faces $1bn lawsuit over bad MF Global advice

Accounting Firms PwC faces $1bn lawsuit over bad MF Global advice

3y Richard Crump, Writer