Middle East 'will face more debt refinancing' - The National
One of the top corporate restructuring experts in the Middle East has warned that the region, and especially Dubai, faces another round of debt refinancing in the near future.
Ian Schneider, the head of Middle East restructuring for the global accounting firm PwC, told The National: "A lot of the deals done back in 2009-2010 will have to be restructured again. "They were done in a very uncertain environment, and at least enabled the corporate position to be solidified and stabilised. But in the different circumstances we face today, many of those deals will have to be revisited."
In 2010, Dubai World won agreement from creditors to restructure US$25 billion (Dh91.83bn) of debts owed by the group and its property arm Nakheel. The deal set the tone for further debt restructuring at Dubai government related companies, some of which are ongoing.
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