Dubai World's shipbuilding unit filed for insolvency protection, using a special law set up after the emirate's debt crisis, to force holdout creditors to sign on to its $2.2 billion restructuring proposal, two sources said on Monday.
Drydocks World, which has said a significant majority of its lenders had formally backed the deal, filed a notification under Decree 57 on Sunday night, sources told ALB The Brief, a Thomson Reuters publication.
"The tribunal convened late last night and issued a moratorium and a hearing has been set (for Monday)," said one source.
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