Dubai World’s massive debt restructuring will give a ton of work to law firms with deep roots in Dubai, and the bulk of the work so far seems to be going to U.K.-based firms with a long history of client work there. Clifford Chance has scored the starring role as lead adviser to Dubai World, a longtime firm client, according to two sources familiar with the matter who verified the accuracy of this report in the U.K.-based publication Legal Week.
Dubai World announced last week that it was seeking a standstill on some of its $60 billion in outstanding debt, a development that sent markets falling across the globe, according to Bloomberg and The New York Times. On Tuesday, the holding company released a statement clarifying that it is seeking to restructure just $26 billion of that debt, all owed by its property unit, Nakheel. Dubai World’s other subsidiaries, including Istithmar and Infinity World, are on “sound” financial footing, Dubai World said.
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