Business | Shipping

Dubai's Drydocks goes to court to force creditors in line

Drydocks World wants creditors to sign $2.2 billion restructuring proposal

  • Reuters
  • Published: 11:20 April 2, 2012
  • Gulf News

The Dubai Drydocks, the shipbuilding unit of Dubai World
  • Image Credit: Oliver Clarke/Gulf News Archives
  • The Dubai Drydocks, the shipbuilding unit of Dubai World. Dubai World's shipbuilding unit filed for insolvency protection, using a special law set up after the emirate's debt crisis, to force holdout creditors to sign on to its $2.2 billion restructuring proposal, two sources said on Monday, April 2, 2012

Dubai: Dubai World's shipbuilding unit filed for insolvency protection, using a special law set up after the emirate's debt crisis, to force holdout creditors to sign on to its $2.2 billion restructuring proposal, two sources said on Monday.

Drydocks World, which has said a significant majority of its lenders had formally backed the deal, filed a notification under Decree 57 on Sunday night, sources told ALB The Brief, a Thomson Reuters publication.

A hearing before the Dubai World tribunal is slated on Monday, said the sources who spoke on condition of anonymity.

Gulf News
Retail Gold Rate
Business Editor's choice
Quick Access

  1. Markets

  2. Economy

  3. Property

  4. Aviation

Business Top Stories

  1. ADX expects 2 IPOs by year-end

  2. Al Mansouri appointed new central bank governor

  3. Emirates sets sights on more US routes

  4. Cityscape offers platform for sales launches

  5. New supply to stem Dubai realty price spike