Dubai World’s $24.9 billion debt restructuring completed in September serves as a model for other companies in the region to follow, the chief executive officer of Moelis & Co., one of the advisors on the deal, said.
It is "a template for how to get a complicated consensual restructuring done," Kenneth Moelis said in an interview in Dubai yesterday. "We are not involved in Dubai Holding but we understand that they are following a similar model."
Dubai World, one of the emirate’s three main state-owned holding companies, reached an agreement with more than 70 creditor banks to delay loan payments after property prices slumped in the emirate and frozen credit markets prevented it from raising new loans to repay older ones. Moelis advised the Dubai government on the Dubai World restructuring.
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