Dubai World's turnaround specialist is heading out

DUBAI: Dubai's government says the turnaround specialist hired to manage the restructuring of the city-state's Dubai World conglomerate is leaving.

The sheikdom's media office said Wednesday that Chief Restructuring Officer Aidan Birkett has ``successfully completed his work at Dubai World'' and will step down on Thursday.

Birkett was brought in last year to help untangle the pile of debt agreements amassed by Dubai World and its subsidiary companies. Dubai shocked global markets last year when it made clear it couldn't pay all its bills.

Dubai World has won approval from most creditors to its $24.9 billion debt restructuring proposal. Its Nakheel property arm is still working to restructure at least $10.5 billion of debt.