14 December 2009
Dubai, 14 December 2009: Dubai World ("Dubai World" and/or "the Group") welcomes the announcement today by the Government of Dubai to provide financial support to the Group, including full repayment of the Nakheel 2009 sukuk. This support provides funding and a stable basis for the restructuring process which continues.
Dubai World will continue to work with financial creditors to negotiate a standstill in an orderly way. As long as a standstill is successfully negotiated, Dubai World has assurances that the Government of Dubai, through the DFSF, will provide financial support to cover working capital and interest expenses to ensure the continuity of key projects.
Dubai World is also pleased to note that the Government of Dubai has moved to address the concerns of trade creditors and contractors.
Dubai World is committed to regular, direct and timely communications which it believes will yield the best outcome for all stakeholders.
Dubai World Advisers
A number of advisers have been appointed to assist the Group with the restructuring process. Aidan Birkett of Deloitte has been appointed as Chief Restructuring Officer by the DFSF.
Rothschild and Clifford Chance continue to act as financial and legal advisers respectively to Dubai World in relation to the restructuring. Alix Partners continue to assist in resolving certain operational issues.
- Ends -
For more information, please contact:
Sarah Lockie, Dubai World
Tel: +971 (0) 50 6596944
John Hobday, FD
Tel: +971 (0) 50 6596944
FD (London)
Charlie Armitstead
Tel: +44 (0) 207 831 3113
Dubai, 14 December 2009: Dubai World ("Dubai World" and/or "the Group") welcomes the announcement today by the Government of Dubai to provide financial support to the Group, including full repayment of the Nakheel 2009 sukuk. This support provides funding and a stable basis for the restructuring process which continues.
Dubai World will continue to work with financial creditors to negotiate a standstill in an orderly way. As long as a standstill is successfully negotiated, Dubai World has assurances that the Government of Dubai, through the DFSF, will provide financial support to cover working capital and interest expenses to ensure the continuity of key projects.
Dubai World is also pleased to note that the Government of Dubai has moved to address the concerns of trade creditors and contractors.
Dubai World is committed to regular, direct and timely communications which it believes will yield the best outcome for all stakeholders.
Dubai World Advisers
A number of advisers have been appointed to assist the Group with the restructuring process. Aidan Birkett of Deloitte has been appointed as Chief Restructuring Officer by the DFSF.
Rothschild and Clifford Chance continue to act as financial and legal advisers respectively to Dubai World in relation to the restructuring. Alix Partners continue to assist in resolving certain operational issues.
- Ends -
For more information, please contact:
Sarah Lockie, Dubai World
Tel: +971 (0) 50 6596944
John Hobday, FD
Tel: +971 (0) 50 6596944
FD (London)
Charlie Armitstead
Tel: +44 (0) 207 831 3113
Creditor Communication
Bank inquiries
Raj Jit Singh Wallia
Dubai World
Email: corpfin@dubaiworld.ae
Tel: +971 (0) 4 433 9558
Sukuk inquiries
Paul Reynolds
Rothschild
email: p.reynolds@rothschild.com
Tel: +971 (0) 50 306 8508
© Press Release 2009
