The first formal meeting between Dubai World and its 90-plus creditors passed off as something of an anticlimax, but it was always going to be so.
There was never the remotest possibility that Aidan Birkett, the company’s chief restructuring officer who is now calling the shots on strategy, was going to be pictured beaming with a group of international bankers, waving a piece of paper Chamberlain-style and proclaiming “solvency in our time” for those parts of Dubai World put up for restructuring.
Bankers who attended the meeting said it was “businesslike” and useful as a first move in trying to get their cash back. For their part, there was never any possibility they would emerge with sacks of cash handed over by Mr Birkett at the Dubai World Trade Centre.
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