Ian Schneider, Tony Lomas and Steven Pearson, Partners at PwC, were appointed on Sunday April 1st, 2012, as joint nominees to Drydocks World Dubai LLC and Drydocks World LLC (together 'Drydocks World - Dubai') under Decree No 57 for 2009.
PwC has been advising the wider Drydocks World group on the restructuring of its debt in Dubai and South East Asia and its Decree filing in Dubai. Ian Schneider, Nominee and PwC Partner and Business Restructuring Services Middle East Leader, commented:
"Decree 57 is new and ground breaking legislation in Dubai which draws on best practices from restructuring focused regimes around the world, predominantly the UK and USA. We believe Decree 57 could become the model and standard bearer for practical restructuring reform in the Middle East.
For Drydocks World - Dubai, a Decree 57 filing is a pragmatic and sensible decision. It protects the majority of its creditors from the actions of a very small minority who had not agreed to its strongly supported restructuring proposals. All stakeholders can benefit from the implementation of these proposals. The significant support Drydocks World - Dubai has for its proposalsshould enable it to rapidly implement itsdebt restructuring. Once implemented, the business should be well placed to progress its strategic ambitions, secure in the knowledge that it is on a firm financial footing."
The Government of Dubai developed Decree No. 57 to permit Dubai World and its subsidiaries to effect a restructuring. The Group has the support of a significant majority of its lenders for its voluntary proposal, but could not be certain of securing the 100% support required to implement its plans successfully. Consequently, Drydocks World - Dubai has taken this step in order to ensure it has the best possible chance of successfully implementing its voluntary restructuring proposal. It is targeting completion during Q3 2012.
This process will have no effect upon the on-going operations of Drydocks World - Dubai, its clients, suppliers or employees. It will be business as usual during the process and going forward once the restructuring is effective. The filing is helpful to the Group's many clients who have understandably sought certainty over the Group's financial future. Decree 57 provides Drydocks World - Dubai with the best possible opportunity of finally achieving that in the near term.
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About Ian Schneider, Partner, Leader of Business Restructuring Services, Dubai,UAE:
Specialises in advising companies, lenders and other stakeholders in connection with international, complex financial restructurings
Ian previously co-ordinated the European and CEE BRS practices and specialises in multi stakeholder international assignments. In Autumn 2010, Ian relocated to Dubai to become Middle East regional Leader of our BRS team.
Recent international assignments include: Valentino Fashion Group SpA (Italy/Germany), VNU Business Media (Holland), Fibernet NV (Hungary/Ukraine), Endeka (Spain), Hune (Spain), Carl Zeiss Vision (Germany), MecomPlc (UK/Europe), CTL (Poland), Tiscali SpA (Italy), Stabilus GmbH (European), Fabory NV (Holland), Ionbond GmbH (Switzerland), Britax (Global), EMI (Global - and implemented via an insolvency), IMO Car Wash (Global and included a SoA) and Lehmans (Global). Ian has been involved with the restructuring of DHCOG, is advising Dubai Drydocks World and is representing senior lenders on Al Jaber, FAL Oil, IGPL and a number of others.
In terms of very large deals Ian was the lead advisor to international bank groups on ntl, Telewest and Cablecom - $17bn, $10bn and $3bn debt respectively. He also advised a bank on a $4bn bilateral exposure to a media business.
Ian has been involved in numerous transactions which have had government level interest. These include the largest entity in Slovak Republic (13% GDP) - bank restructuring advice, company side advice on the Millennium Dome, projects relating to the NHS, and the restructuring of South Korea's third largest bank.
co-ordinated the global support and input for the Parmalat restructuring
International financial restructuring experience in the UAE, Germany, Norway, Holland, France, Spain, Italy, Poland, Korea, USA, Czech and Slovak Republics, Libya, Switzerland, UK and others
Significant experience with leveraged restructurings and Ian has advised on deals in a wide range of sectors from manufacturing, to retail, metals, telecoms, industrial products entertainment and media and brands.
Ian is a licenced insolvency practitioner. He dealt with the pan European insolvency of the subsidiaries of MG Rover Group and additionally the global branch network of Lehman Brothers International Europe.
Ian spent two periods living and working in Italy (restructuring advice and implementation) and is now based in Dubai.
Press contact:
Hala Saqqa,
Hill+Knowlton Strategies,
hala.saqqa@hkstrategies.com
© Press Release 2012
