Drydocks creditors seek detail on debt deal - The National

Drydocks World's use of Decree 57, which established the Dubai World Tribunal, is a landmark for the development of business practice in Dubai, some experts say.

But others want more clarity on the details of the deal the company has reached with its financial creditors, which are owed US$2.2 billion (Dh8.08bn).

"It's a good thing for the UAE. One of the biggest problems in the country was the absence of any procedure for dealing with bankruptcy, apart from straight default," said Said Hirsh, a Middle East analyst at the consultancy Capital Economics in London. "Creditors will favour a procedure that allows companies to organise insolvency."

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