Turnaround firm is in talks with Dubai entities

Alvarez and Marsal, the turnaround specialist overseeing the bankruptcy of Lehman Brothers, is negotiating with several Dubai-owned entities about mandates for organisational restructuring.

The firm is also in advanced talks with one major government-related investment company, said Antonio M Alvarez, the firm’s managing director. “We have had various discussions in the past six months and government-related entities are among them.”

Many Dubai Government-owned companies with large debt are merging operations in response to the global economic slowdown.