Shipbuilder Drydocks World, which sought insolvency protection in Dubai to get holdout creditors to support its $2.2 billion debt restructuring on Monday, has also filed legal proceedings in Singapore to push through the
proposal, its lawyers said.
Drydocks, with operations in Dubai, Indonesia and Singapore, filed the case with a Dubai special tribunal which can compel creditors to accept terms already adopted by the majority.
Drydocks' lawyers said the Singapore filing was under section 210 of that country's companies act which provides for similar provisions.
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