Aidan Birkett, the chief restructuring officer of Dubai World, is to leave his position on Thursday after “successfully completing” the troubled conglomerate’s $23.5bn debt refinancing.
In a statement on Wednesday, the government of Dubai’s media office said that a supreme committee which has assumed the executive powers of all Dubai World’s board was now setting up a permanent management structure for the conglomerate.
More than 99 per cent of financial creditors to Dubai World have agreed to a restructuring plan that will see debts repaid over five to eight years at sub-commercial interest rates.
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