Dubai World brings in Blackstone for ‘fresh pair of eyes’ on debt repayment | The National

Dubai World brings in Blackstone for ‘fresh pair of eyes’ on debt repayment | The National:



"Dubai World, the government-owned conglomerate, has appointed the New York investment bank Blackstone to thoroughly review its strategy for disposals and debt repayment.



Dubai World, whose debt problems sparked the 2009 financial crisis in the emirate, feels the need for a “fresh pair of eyes” on its debt situation, according to one person familiar with the situation.



A spokesman declined to comment.

A spokesman for Blackstone in New York confirmed that DW had hired the firm on a “debt optimisation mandate” but declined to comment further.



In 2010 the company reached agreement with creditors over the terms of US$25 billion of debt."



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