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United Arab Emirates > Legal Developments > Law firm and leading lawyer rankings

Editorial

Dubai Financial Support Fund to spearhead restructuring of Dubai World

December 2009 - Finance. Legal Developments by SNR Denton.

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The Government of Dubai issued a press release on 25 November 2009 confirming that, through its Supreme Fiscal Committee (SFC), it has authorised the Dubai Financial Support Fund (DFSF) to spearhead the restructuring of Dubai World with immediate effect.

It is understood that as a first step Dubai World intends to ask all providers of financing to both Dubai World and its subsidiary, Nakheel PJSC, to agree to a "standstill" and extend maturities until at least 30 May 2010.

This note gives an overview of what this means to creditors who may have exposure to Dubai World.

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