Monday 3 September 2012

Dubai Drydocks protected in landmark case - FT.com

Drydocks World, Dubai’s ship overhaul company, made history last week in a case that used specialist insolvency legislation to force through a financial restructuring of its $2.2bn debts.
The Dubai World Tribunal, set up in 2009 to deal with disputes related to the ailing conglomerate that owns Drydocks World, has heard about 40 cases. In a country without effective bankruptcy legislation, the Drydocks case was the first time that the tribunal’s insolvency protection was enacted.

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