Dubai court approves Drydocks debt plan
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Dubai court approves Drydocks debt plan

Dubai court approves Drydocks debt plan

A special court in Dubai has approved the $2.2bn restructuring of shipbuilding unit Drydocks World, thereby making the complex debt deal effective, Reuters has reported. Creditors holding more than 97.8% 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. Drydocks approached the special tribunal in April to force recalcitrant creditors to sign up to its debt restructuring plan. "The sanctioning of the Company Voluntary Arrangements concludes the formal approval of Drydocks World Dubai's debt restructuring proposals," Drydocks said following the hearing.

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