Dubai World, the state-owned holding company in talks to restructure $26 billion of debt, hired Moelis & Co. as one of its advisers, replacing Deutsche Bank AG.
Investment bank NM Rothschild & Sons Ltd. will continue to work on the debt talks alongside Moelis, the advisory firm started by former UBS AG investment banking President Kenneth Moelis, state-owned Dubai World said in a statement today.
The Dubai-based company, led by Sultan Bin Sulayem, said today it’s in “constructive” talks with banks about the debt. The government’s Financial Support Fund is leading the restructuring of Dubai World and last week named Aidan Birkett, a partner at Deloitte LLP, as chief restructuring officer. Dubai picked Rothschild to help set up the $20 billion pool in April.
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