Paul Hastings Advises Dubai World on Agreements for Completion of CityCenter
Los Angeles, CA (May 7, 2009) Paul, Hastings, Janofsky & Walker LLP, a leading international law firm, announced today that the firm advised Dubai World subsidiary Infinity World in the formation of its revised joint-venture agreement with MGM MIRAGE, and in its agreement with its lenders on a comprehensive plan to fully fund the completion of the CityCenter Las Vegas project for its scheduled opening later this year. The agreement was announced on April 29, 2009.
Under the agreement, Dubai World and MGM Mirage funded their remaining equity contributions to CityCenter through letters of credit. In addition, CityCenters lenders immediately funded the full $1.8 billion senior secured credit facility. Additionally, Dubai World dismissed its lawsuit filed against MGM MIRAGE in Delaware Chancery Court on March 22, 2009, and Dubai World and MGM MIRAGE exchanged mutual releases.
Marty Edelman, Philip Feder, Rick Kirkbride, Luc Despins, Rob Carlson and Robert Keane led the Paul Hastings team.
About Dubai World: Dubai World is a leading global holding company. Its portfolio comprises some of the worlds best known companies, including DP World, Drydocks World & Dubai Maritime City, Economic Zones World, Nakheel, Leisurecorp, and Istithmar World.
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