- DUBAI: The chief restructuring officer of Dubai World, the state-linked firm which reached a deal to restructure $25 billion in debt last month, will step down on Oct.
- 14, the Dubai government said on Wednesday.
Aidan Birkett was brought in last year to address the debt mountain at the conglomerate, whose obligations triggered a crisis in the Gulf Arab emirate.
He was slated to stay until December 2010, according to the Dubai World debt restructuring document seen by Reuters.
The Dubai government on Wednesday said it would now put a permanent management team in place for the company, whose assets range from shipping to retail.
“Chief Restructuring Officer Aidan Birkett has now successfully completed his work at Dubai World and will be stepping down on 14th October 2010,” the statement said.
Dubai World in September said it had reached a formal deal with creditors to restructure nearly $25 billion in debt.
Dubai, one of the seven United Arab Emirates, and its companies have been climbing out of a $100 billion-plus debt hole over the past year.