Looks like Moelis restructuring picked up a pretty good mandate
"01Dec09 - Statement from Dubai World - Reuters
Dubai World ("Dubai World") and its subsidiaries (the "Group") would like to update their lenders on recent developments relating to their debt obligations.
Following a detailed review of the Group's liquidity and capital structure, Dubai World has concluded that it should immediately consider alternatives in respect of the debt obligations of certain entities within the Group.
The proposed restructuring process will only relate to Dubai World and certain of its subsidiaries including; Nakheel World and Limitless World. The process will not include Infinity World Holding, Istithmar World and Ports & Free Zone World (which includes DP World, Economic Zones World, P&O Ferries and Jebel Ali Free Zone), all of which are on a stable financial footing.
The total value of debt carried by the companies subject to the restructuring process amounts to approximately US$26 billion, of which approximately US$6 billion relates to the Nakheel sukuk.
It is envisaged the restructuring process will be carried out in an equitable way for the overall benefit of all stakeholders and will comprise several phases including: long term plans and commitment of stakeholders; determination of maintainable profit and cash generation; assessment of deleveraging options, including asset sales; assessment of funding requirements and the formulation of restructuring proposals to financial creditors and their implementation.
Initial discussions have commenced with the banks of Dubai World and are proceeding on a constructive basis. In light of the current operational challenges and the future obligations of the Group, it is anticipated that the process and any related actions to address strategic alternatives will be conducted on an expedited basis. As part of this overall process, Nakheel requests its sukuk holders to appoint an authorised representative with whom discussions can commence.
Moelis & Company have been appointed to advise on the Dubai World restructuring with Rothschild, who will continue their ongoing role as financial advisor.
Dubai World intends to adopt a policy of regular communication and will provide further updates as this process develops. "
Rothschild has been advising Dubai World since around a year (and done a hilarious job of it so far, in my opinion).






No I am not trying to pump up
No I am not trying to pump up big 4 again, but I read somewhere as wall that Deloitte was advising Dubai world on restructuring and PWC was advising the banks
Big 4 not bankers
No I am not trying to pump up big 4 again, but I read somewhere as wall that Deloitte was advising Dubai world on restructuring and PWC was advising the banks
Well, they are not the bankers on the restructuring. A restructuring normally involves several different types of advisors. These include financial advisors (Alix, FTI, Alvarez etc), investment banks, legal advisors and accounting firms. Note the difference between financial advisors and investment banks.
The big 4 won't be doing the same work as the bankers, but they have to be involved in some capacity.
There is a pretty significant
There is a pretty significant restructuring guy from Deloitte working on it, yes. Aidan Birkett. He's going to be literally in-house.
What do the accounting guys
What do the accounting guys do that the Ibanks do that is different. Only thing I can see them dealing with is tax issues.??
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Dubai World has hired Deloitte and Rothschild to assist in its efforts to gain a standstill period from its debtors DW had a $3.5 billion bond payment due in December and wants some breathing space on all debt repayments which are due until the end of May 2010.
Aidan Birkett, the head of Deloitte UK’s 1,200 strong London Corporate Finance practice flew immediately on Wednesday with a large support contingent to Dubai. Aidan Birkett has handled such cases earlier and is no stranger to big-ticket debt restructurings
A Deloitte spokesman said: 'We can confirm that Aidan Birkett, managing director for corporate finance at Deloitte, has been appointed chief restructuring officer to Dubai World.'
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Difference between financial advisors and investment bankers
[These include financial advisors (Alix, FTI, Alvarez etc), investment banks, legal advisors and accounting firms. Note the difference between financial advisors and investment banks.
What's the difference between investment bankers and financial advisors?
Dubai World Restructuring
This Moelis mandate is incredible, especially since the bank was founded in July of 2007. I wonder what the fees on this one are...cheers to the team!