Dubai World will continue to work with financial creditors to negotiate a standstill in an orderly way for receiving financial aid from Dubai Government to cover working capital and interest expenses, the crisis-hit state holding company said on Monday.

Welcoming the announcement made by the Dubai Government to provide financial support to the Group, including full repayment of the Nakheel 2009 sukuk, the company said, "As long as a standstill is successfully negotiated, Dubai World has assurances that the Government of Dubai, through the DFSF, will provide financial support to cover working capital and interest expenses to ensure the continuity of key projects.

This support provides funding and a stable basis for the restructuring process which continues, the company said in a statement.

Dubai World also thanked the Dubai Government for taking steps to address the concerns of trade creditors and contractors. "Dubai World said it is committed to regular, direct and timely communications which it believes will yield the best outcome for all stakeholders."

A number of advisers have been appointed to assist the Group with the restructuring process. Aidan Birkett of Deloitte has been appointed as the chief restructuring officer by the DFSF, the statement said.

Rothschild and Clifford Chance will continue to act as financial and legal advisers to Dubai World in relation to the restructuring, while Alix Partners will assist in resolving certain operational issues, it added.-TradeArabia News Service