Sunday, Mar 28, 2010
DUBAI (Zawya Dow Jones)--The following is a timeline of the major events surrounding Dubai World's financial implosion.
2009
June - State-owned Dubai World is reported to have hired turnaround experts Alix Partners to help restructure.
Aug. 20 - In first signs of impending trouble a statement posted on NASDAQ Dubai's Web site on July 31 reveals that Dubai World holds almost $60 billion in liabilities on its balance sheet.
Sep. 17 - Dubai World says scaling down operations at its troubled real-estate unit Nakheel, transferring assets and executives to its Istithmar World investment arm.
Oct.15 - Dubai World says close to completing restructuring, will save $800 million over three years; cuts U.A.E. and global workforce.
Nov.11 - Dubai World unit property developer Nakheel, which has a $3.52 billion Islamic bond due in December, says is in talks with its parent company regarding the sukuk's maturity.
Nov.25 - Dubai government says Dubai World seeks $26 billion debt standstill for restructuring; Deloitte's Aidan Birkett to lead restructuring.
Nov.26 - Dubai World says ports operator DP World excluded from debt standstill and restructuring.
Nov.30 - Dubai government says in talks with banks to restructure about $26 billion in debt; $4 billion of which is related to the Islamic bonds issued by subsidiary Nakheel.
Dec.1 - Jebel Ali Free Zone, part of Dubai World, says its $2.04 billion Islamic bond is not part of the restructuring as the company has paid coupon on the bond.
Dec.4 - Dubai World's creditors plan to appoint advisor following standstill request.
Dec.7 - Dubai government official says Dubai World may sell assets in and outside United Arab Emirates.
Dec.8 - Official says Dubai Government supported Dubai World with $2.45 billion from a fund established to prop up state companies.
Dec.8 - Dubai World says Drydocks not part of restructuring.
Dec. 14 - Nakheel says to repay $3.52 billion Islamic bond in the next two weeks after Abu Dhabi stepped in with a reported $10 billion bailout, later clarified as $5 billion.
Dec.14 - Dubai World says didn't buy any of Nakheel's $3.5 billion sukuk bond when it was trading at a discount following Dubai World's request for a debt standstill.
Dec 14 - Dubai's Ruler issues decree to set up tribunal to resolve Dubai World disputes.
Dec.21 - Dubai World begins talks with creditors over $22 billion of debt remaining after Nakheel payout, but no formal proposal emerges.
2010
Jan. 12 - Market sees significant haircuts being offered to Dubai World's creditors.
Jan. 21 - Chief executive of Dubai World's investment arm Istithmar World, David Jackson resigns.
Feb. 3 - Istithmar World, Dubai World's investment arm, is reported to be seeking to sell port and shipping agent Inchcape Shipping Services for $600 million-$700 million.
Feb 14 - Market sources say Dubai World to offer 40% haircut and repayment after seven years; Dubai stocks plummet. Government denies any proposals.
March 18 - Dubai World's Limitless, a property developer, pays creditors interest on a $1.2 billion loan due end-March.
March 24 - Dubai World and some of its creditors conclude five-hour meeting to hammer out restructuring plan for $26 billion of debt.
March 25 - Dubai Government statement announces Dubai World and Nakheel restructuring proposals.
March end - Limitless $1.2 billion loan matures.
-Dubai Bureau, Dow Jones Newswires; +9714 446-1686; djnews.dubai@dowjones.com
Copyright (c) 2010 Dow Jones & Co.
(END) Dow Jones Newswires
28-03-10 0731GMT
