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.
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
- 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
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.
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