Dubai’s Drydocks World is considering applying for insolvency protection at a special tribunal in the emirate to push through its $2.2bn debt restructuring proposals against any creditor objections, people close to the company said.
The ship overhaul company, a unit of the government-owned conglomerate Dubai World, could as early as Monday apply under what is called Decree 57 to the Dubai World Tribunal, after persuading a significant majority of lenders to back its restructuring proposal, the people add.
If Drydocks goes ahead with the filing, it would become the first Dubai World company to use the tribunal to push through its debt proposals, which include extending debt maturities over five years.
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