Asa Fitch over at The National has an article about Dubai Holding which has left me scratching my head.
If I'm not mistaken, in the last day or so, I read a statement by HE AlSuwaidi or maybe HE AlTayer that there would be no additional mega debt reschedulings.
And I definitely recall Shaykhk Ahmed Bin Saeed Al Maktoum saying around mid April that Dubai Holding doesn't have any problems. Apparently not a single one. And that's quite an enviable position to be in for a company at any time, but especially in the current environment.
So you can imagine my surprise when I read in both the Financial Times and The National that indeed Dubai World (Oops, that should be Dubai Holding) had engaged advisors to study the financial condition of its two key subsidiaries.
"The accounting companies are being asked to evaluate the subsidiaries’ financial health and make recommendations that could include pushing for lower interest rates and delaying debt repayments."
Either or both of these would fit my bankers' definition of a restructuring. And would as I've noted before fit that of IFRS as well.