After the markets closed last night the Dubai Government announced that it would seek an extension of maturities of all financing to the indebted holding company, which is believed to owe around US$22bn (£13bn). The company, owner of the troubled Palm Jumeirah real estate developer Nakheel, will be restructured.
Clifford Chance’s Dubai office is understood to be advising Dubai World, with partners Simon Clinton and Robin Abraham thought to have key roles.
Latham & Watkins is believed to have a role on matters linked to the debt standstill, and Allen & Overy is thought to have a role advising the lenders, which are understood to include Barclays, Credit Suisse, HSBC, Lloyds and RBS.
Despite the problems in some parts of Dubai World’s business, other units have experienced success. DP World for example, which owns the P&O Ferries brand and the Port of Tilbury in Essex, has thrived.
None of the firms, nor Dubai World itself, would comment on the developments.