Dubai World’s chief restructuring officer, Deloitte’s Aidan Birkett, met with creditors on Wednesday afternoon to discuss restructuring plans for $26 billion of debt. The five hour meeting ended Wednesday evening, at Morooj Rotana hotel. Mr Birkett presented to the creditors a document with to many pages, that was described by people familiar with the process to be “immensely complicatedâ€.
Creditors left the meeting tight lipped. One banker said that “there are things planned for the morning”, while another when asked if the meeting went smoothly, said “very.”
The state-owned conglomerate’s plan is expected to include an extension of debt maturities at low to zero interest rates and rely heavily on support from wealthy neighbour Abu Dhabi.
A representative for Dubai World, present at the hotel, declined to comment, but confirmed that Dubai World officials had left and said the meeting was over.
The committee of senior creditors leading talks on behalf of the banks includes HSBC Holding PLC, Standard Chartered PLC, Lloyds Banking Group PLC, Royal Bank of Scotland Group PLC, Abu Dhabi Commercial Bank PJSC and Emirates NBD PJSC.
