Dubai World welcomes financial support

Dubai World welcomed the announcement yesterday's by the Government of Dubai to provide financial support to the group, including full repayment of the Nakheel 2009 sukuk, the company said in a Wam statement.

This support provides funding and a stable basis for the restructuring process that continues.

Dubai World will continue to work with financial creditors to negotiate a standstill in an orderly way.

As long as a standstill is successfully negotiated, Dubai World has assurances that the Government of Dubai will provide financial support to cover working capital and interest expenses to ensure the continuity of key projects.

"Dubai World is also pleased to note that the Government of Dubai has moved to address the concerns of trade creditors and contractors," the statement added. "Dubai World is committed to regular, direct and timely communications, which it believes will yield the best outcome for all stakeholders."

A number of advisers have been appointed to assist the group with the restructuring process.

Aidan Birkett of Deloitte has been appointed as Chief Restructuring Officer by the DFSF. Rothschild and Clifford Chance continue to act as financial and legal advisers respectively to Dubai World in relation to the restructuring.

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