Dubai returns to court over ship-repair company’s $2.1bn debt:
"Dubai’s Drydocks World has returned to the courts to push through a $2.1bn debt restructuring, clearing the path for the troubled ship-repair business’ sale to a sister company, DP World, the emirate’s port operator.
The maritime engineering business, a unit of the government-owned Dubai World conglomerate, in 2012 had to use bespoke insolvency legislation to finalise its first restructuring after a hedge fund won a judgment against the firm for defaulting.
Drydocks World, established three decades ago to diversify the emirate’s economy away from oil, is once again using the so-called Decree 57 to protect the company against any potential legal action."
'via Blog this'
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