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UK Firms Take the Lead in Dubai Crisis
The economic crisis in Dubai is creating a large amount of legal work for firms involved in the debt restructuring negotiations. Firms with deep roots in the country are getting the bulk of the work, and most of those are UK firms. Clifford Chance has scored big as the primary advisor to Dubai World. On the other side of the table, Ashurst and Allen & Overy each represent major creditors. Ashurst is taking the lead for a group of creditors that hold notes from Nakheel, Dubai World’s property unit. Allen & Overy is advising a group of commercial banks that have loaned money to Dubai world and its subsidiaries.