Moelis replaces Deutsche Bank as Dubai World adviser

Dubai World, the state-owned holding company in talks to restructure $26 billion of debt, hired Moelis & Co as one of its advisers, replacing Deutsche Bank AG. Investment bank NM Rothschild & Sons Ltd will continue to work on the debt talks alongside Moelis, the advisory firm started by former UBS AG investment banking President Kenneth Moelis, state-owned Dubai World said in a statement today. The Dubai-based company, led by Sultan Bin Sulayem, said today it’s in “constructive” talks with banks about the debt. The government’s Financial Support Fund is leading the restructuring of Dubai World and last week named Aidan Birkett, a partner at Deloitte LLP, as chief restructuring officer. Dubai picked Rothschild to help set up the $20 billion pool in April. Creditors of Dubai World and its property unit Nakheel PJSC will be asked for a so-called standstill agreement and to extend loan maturities until at least May 30, including that of a $3.52 billion Nakheel Islamic bond due Dec 14. Ken Moelis, 51, will lead the firm’s efforts, the firm’s London-based spokesman said in an interview today. The company previously worked on restructuring Dubai World’s Las Vegas assets.