Drydocks World, Dubai’s ship overhaul company, made history last week in a case that used specialist insolvency legislation to force through a financial restructuring of its $2.2bn debts.
The Dubai World Tribunal, set up in 2009 to deal with disputes related to the ailing conglomerate that owns Drydocks World, has heard about 40 cases. In a country without effective bankruptcy legislation, the Drydocks case was the first time that the tribunal’s insolvency protection was enacted.
No comments:
Post a Comment