Drydocks World creditors hire Moelis to advise on $2.3bn debt restructuring | The National

Drydocks World creditors hire Moelis to advise on $2.3bn debt restructuring | The National:



"Drydocks World (DDW) creditors have hired the US specialist investment bank Moelis & Co to advise them in their negotiations with the Dubai-based maritime engineer over restructuring US$2.3 billion of debt, according to people familiar with the situation.



New York-based Moelis is well known in the Dubai financial scene. The bank played a leading role in the 2010 negotiations between bank creditors and Dubai World, which successfully ended the emirate’s financial crisis. However, the US bank was then advising the Dubai Government, whereas this time it finds itself on the other side of the table: working for creditors who are being asked to change the terms of total debts of $2.3bn in two tranches – one of $800 million which matures in 2017, with the balance repayable in 2027.



Neither DDW, which is owned by the Government of Dubai as part of the Dubai World conglomerate, nor Moelis would comment on the appointment, but one banker said: “This is a sign that the creditors are serious and committed to getting the best possible deal in the renegotiation.”"



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