Dubai World, which is seeking to restructure about $22bn of debt, may be unable to present a 'standstill' offer to lenders today as the terms of government support for the state-owned holding company have yet to be agreed, two bankers involved in the talks said.
The complexity of Dubai World Group and its funding structure are to blame for the delay, one banker said, citing a 18 Dec letter from the company’s chief restructuring officer Aidan Birkett about the agenda for the meeting with creditors. The meeting is unlikely to be substantive and will focus on information sharing, another banker said. Both declined to be identified because the discussions are private. A spokesman for Dubai World would not comment.