A special court in Dubai on Tuesday formally approved the $2.2 billion restructuring of shipbuilding unit Drydocks World, thereby making the complex debt deal effective.
Creditors holding more than 97.8 percent of the debt had agreed to the deal at a meeting held in July. The firm had said it would seek sanction of the approvals from the Dubai World Tribunal at a hearing on August 28.
"The sanctioning of the Company Voluntary Arrangements concludes the formal approval of Drydocks World Dubai's debt restructuring proposals," Drydocks said in a statement following the hearing.
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