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Dubai World’s CityCentre development came to a halt until Moelis & Co found a way to keep moving with letters of credit |
LAST MONTH, AFTER a long and painful process, Dubai World received the go-ahead from 99% of its creditors to restructure $14.4 billion in bank debt. The authorities in the UAE quickly jumped on the good news, as Dubai launched a $1.25 billion sovereign bond.
Meanwhile, investors and lenders to Dubai World’s property arm, Nahkeel, were nearing conclusion of their own negotiations, which include seeking terms on $10.9 billion outstanding to financial creditors.
And in Kuwait two investment companies – The Investment Dar and International Investment Group – were hoping to find a resolution to their own restructuring needs. However, given that their debts are largely structured under Islamic law, there appeared every chance that negotiations would drag on for some time yet.
As...
