"DUBAI WORLD" (DW) has welcomed the announcement that the Government of Dubai is to provide financial support to the group, including full repayment of the Nakheel 2009 sukuk, which provides funding and a stable basis for the restructuring, said a company statement.
Dubai World said it 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," said the statement.
Dubai World has also noted that the Government of Dubai has moved to address the concerns of trade creditors and contractors.
While Dubai World gave assurances that its otherwise healthy maritime interests, such as DP World and Drydocks World, rating agencies downgraded them because the parent might not have been able to protect them if finances took a turn for worse.
State infusions have reduced such tensions. A number of advisers have been appointed to assist the group with the restructuring. "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.
Source : HKSG, 17.12.09.
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