Bankers, lawyers and accountants are eyeing opportunities to secure their piece of what some estimate could be more than $100m in fees generated from the fallout in wrangling over Dubai World’s $22bn debts.
In the days before Christmas, dozens of bankers, accountants and lawyers jetted off to the Gulf for the indebted conglomerate’s first all-creditor meeting in Dubai, in the first step of what is expected to be the biggest restructuring of 2010.
KPMG and Allen & Overy have secured the most recent appointments, confirmed in the days ahead of the December 21 meeting, as financial and legal advisers respectively to a six bank steering committee, which will lead negotiations with Dubai World on behalf of other bank creditors.
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