Legal proceedings in the $2.2 billion debt restructuring of Dubai World's shipbuilding unit have been delayed due to a court challenge in Singapore over a rig-building contract, a lawyer said on Monday.
Drydocks World, a shipbuilding and repair business with operations in Southeast Asia as well as Dubai, sought insolvency protection last month and is using a special tribunal in Dubai to force creditors to sign up to the plan. It also filed legal proceedings in Singapore to push through the proposal.
Singapore's Court of Appeal overturned an initial ruling which prevented the calling of a refund guarantee provided to the buyer by three Singaporean banks concerning the delayed rig, a Drydocks lawyer told the special tribunal on Monday.
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