DUBAI: The Chief Restructuring Officer of Dubai World, Aidan Birkett, is stepping down after the debt-laden group reached a deal to restructure its debt, stated an official statement released on Wednesday.
“Birkett has now successfully completed his work at Dubai World and will be stepping down on 14th October 2010,” said the Dubai government statement.
The group, which announced last month reaching an agreement with 99 percent of its creditor banks on its proposal to restructure some 24.9 billion dollars, will continue to be supervised by the government’s “Supreme Committee”.
“The Supreme Committee is currently focused on putting in place a permanent management team structure,” the statement said.
The committee is headed by Sheikh Ahmed Bin Saeed al-Maktoum, who chairs many government entities, including Emirates Airlines.
Under the group’s restructuring proposal, Dubai World will divide 14.4 billion dollars of debt into two tranches, maturing in five and eight years, while the government will convert 8.9 billion dollars of financial support to the company into equity.
Dubai rocked global financial markets in November last year when it said it needed to freeze debt payments by Dubai World, its largest group.
Deloitte’s Birkett was appointed by the government which took charge of restructuring the group.
