Aidan Birkett, the chief restructuring officer of Dubai World, met the conglomerate’s bankers in London yesterday to outline proposals for settlement of its $22bn (Dh80.80bn) of debt to those lenders.
Birkett held talks with HSBC, one of the leading creditors to Dubai World and a member of the co-ordinating committee for the 90-plus banks to which Dubai World owes money. Talks with other cocom members, including the committee’s chairman, Royal Bank of Scotland, are also planned.
His visit came as speculation grew that Dubai World was near to finalising a series of proposals to creditors. These could involve offers of between 60-100% repayment, depending on the length of time creditors would agree to roll over their loans.