Dubai World restructuring chief steps down

Aidan Birkett steps down after reorganising the US$23.5 billion of debts owed by Dubai World and Nakheel.

Aidan Birkett steps down after reorganising the US$23.5 billion of debts owed by Dubai World and Nakheel.

Aidan Birkett, the chief restructuring officer of Dubai World, will step down from his position tomorrow having "successfully completed" the reorganisation of the conglomerate's debts, the Dubai Media Office said.

Mr Birkett was at the head of the Dubai World team that negotiated the rescheduling and refinancing of US$23.5 billion (Dh86.31bn) of debts owed by Dubai World and Nakheel, a property subsidiary.

Mr Birkett announced last month that 99.9 per cent of bank creditors had agreed to the new terms, which involve repayment over five to eight years. Only one of more than 90 banks and financial institutions has not signed up to the deal.

The Supreme Committee set up earlier this year to oversee Dubai World will now seek to put in place a permanent management team "to lead the company through its next phase of development and to implement the new business plan", a statement from the media office said.

The committee consists of Sheikh Ahmed bin Saeed Al Maktoum, the chairman of the Emirates Group, Ahmed Humaid al Tayer, the governor of the Dubai International Financial Centre, and Mohammed al Shaibani, the chief executive of the Investment Corporation of Dubai. They will supervise Dubai World until the new team is in place.

Mr Birkett, a restructuring specialist and formerly head of corporate finance for the international accounting company Deloittes, was appointed chief restructuring officer of Dubai World last November, as fears grew about the conglomerate's ability to repay some of its $60bn of total debt.