Dubai World's shipbuilding unit has gotten 98 percent of creditors signed up to its $2.2 billion restructuring plan with all but one agreeing to the terms, its chairman said.
Drydocks World said this week it will use a special tribunal, set up in response to Dubai's 2009 debt crisis, to
force recalcitrant creditors to take up its debt plan after some, including hedge funds, resisted the deal.
"We have got approvals from 98 percent of the creditors. It now looks like only one creditor remains," Khamis Juma Buamim told Reuters, declining to name the holdout.
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