Despite intense media interest and an equally intense concern among bankers and lawyers trying to talk out a US$22 billion (Dh80.81bn) restructuring at Dubai, the debt-wrangling banks are not exactly riding into town like marauding Apaches going after the Ringo Kid.
That lack of drama can be traced partly to the drab technicality of all such discussions, but also in large measure to Dubai World’s advisers, who have dreamed up a shrewd set of incentives and penalties for the banks to which it owes money.
It remains unclear how big a haircut Deloitte’s Aidan Birkett, who last month was named the Dubai World chief restructuring officer, wants to give creditors.
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