Ashurst, Clifford Chance and Latham lead on Dubai debt restructuring efforts

Latham & Watkins is advising the Dubai government on restructuring initiatives aimed at stabilizing its debt problems. On Thursday the government announced that it would inject $9.5 billion into Dubai World to recapitalize the state-owned holding company’s real estate arm, Nakheel. This injection of cash follows the $10 billion received from neighbouring Abu Dhabi in December, of which roughly $5.7 is being used to prop up the ailing Dubai World. The Latham & Watkins team is led by Dubai-based Bryant Edwards, who is the head of the firm’s Middle East Offices. The team also includes bankruptcy partners D.J. "Jan" Baker and Mitchell Seider in New York, restructuring partners John Houghton and Jackson Taylor in London, and associates Aaron Bielenberg and Nomaan Raja in Dubai. Clifford Chance is advising Dubai World with a team led by Robin Abraham and including restructuring partner Mark Hyde and Islamic finance partner Debashis Dey. Ashurst are advising a group of Nakheel bondholders with a team that includes restructuring and insolvency partners Matt McDonald and David von Saucken, and the head of the firm's Islamic finance practice, Abradat Kamalpour. Allen & Overy is advising a consortium of banks that lent money to Dubai World and its subsidiaries, with a team led by Christian Saunders.

Ashurst, Clifford Chance and Latham lead on Dubai debt restructuring efforts amlawdaily.typepad.com Mon, Mar 29, 2010