New York Post Post
Also being sized up for the auction block is high-end clothier Barney's, which Dubai World's Istithmar investment unit bought 26 months ago. Istithmar also owns the Mandarin Oriental Hotel at Time Warner Center and the New York W.
As the Post reported, Aiden Birkett of global accounting firm Deloitte is headed to Dubai World offices to help the firm assess its financial situation. A Deloitte spokesperson in London tells GlobeSt.com that Birkett is not in a position to answer questions and that his focus is solely on the job at hand.
The spokesperson says priority number one will "be to evaluate the extent of restructuring required" on the $59-billion debt load. He says "Birkett will work closely with both the Dubai Financial Support Fund (DFSF) and Dubai World's executive management team to oversee the restructuring process and ensure the continuity of Dubai World's operations."
"Dubai World has significant high-profile assets in the United States and elsewhere in the world, and it is clearly a priority in any restructuring to determine which assets are strategic or non-strategic," Richard Fox, head of Middle East and Africa sovereign ratings at Fitch Ratings, told the Post. Arabian Business.com reported Monday that the Dubai government has disclaimed responsibility for Dubai World's debts.
To access the complete Post article, click here.
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