Drydocks World , a Dubai ship-building and repair firm, received almost unanimous support for its proposed $2.2 billion debt restructuring Tuesday at a creditors' meetings in Dubai.
Creditors holding more than 97% of the debt to be restructured officially agreed to the deal, according to a statement from professional services firm PwC, which is advising Drydocks on the restructuring alongside law firm Clifford Chance.
"The approval of the proposals at today's meetings is a fundamental step to concluding Drydocks ' debt restructuring," said Ian Schneider, a partner at PwC. "The level of support received by the companies far exceeded the two thirds majority required by the Decree 57 legislation to approve these proposals."
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