Latham & Watkins advised the Dubai Financial Support Fund and the Government of Dubai in the restructuring of Nakheel and its subsidiaries, the largest real estate developer in Dubai.

The restructuring of $25 billion of actual and potential liabilities was completed via the consensual amendment and extension of bank debt with 100% of Nakheel’s bank creditors, a negotiated settlement with more than 88% of its trade creditors that involves an upfront cash payment and issuance of a $1 billion Sukuk, and ground-breaking investment by the Dubai Financial Support Fund to fund the restructuring and Nakheel’s operations and developments. 

The transaction team was led from the firm’s Dubai and New York offices by partner and chair of the Middle East, Bryant Edwards, New York partners and co-chairs of the Global Restructuring practice, Jan Baker, Mitch Seider, London partner and co-chair of the Global Restructuring practice, John Houghton and Dubai associates Aaron Bielenberg, Christian Adams, Adam Goldberg and Oliver Simpson.