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

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.