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Mon 3 Aug 2015 06:04 PM

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Drydocks World creditors select Moelis as restructuring talks loom

Creditors pick advisor as they seeks to revise part of Dubai firm's $2.3bn debt restructuring deal

Drydocks World creditors select Moelis as restructuring talks loom

Creditors of Drydocks World, the Dubai government-owned company seeking to revise part of a $2.3 billion debt restructuring deal which it signed in 2012, have chosen Moelis & Co as an adviser, sources familiar with the matter said.

The New York-based advisory company has experience of debt refinancing in the region, having previously advised Drydocks World's parent company, Dubai World, on its $25 billion debt restructuring in 2011. Citigroup has already been picked by Drydocks as its adviser, the sources said.

The sources declined to be named because the matter is not public. Moelis, Citigroup and Drydocks all declined to comment.

Drydocks is the latest United Arab Emirates company seeking to take advantage of low interest rates and a generally healthier economic backdrop to renegotiate a debt restructuring agreed after the 2009 financial crisis. Dubai World earlier this year revised the terms of $14.6 billion of debt.

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