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Dubai’s Drydocks wins tribunal nod for USD2.2b debt

29 Aug 2012

(MENAFN) Drydocks World, the shipbuilding unit of Dubai World, won court approval on a USD2.2 billion restructuring, Reuters reported.

Drydocks is restructuring debt from loans taken in 2007 to fund expansion of its southeast Asian operations, based in Singapore and Indonesia.

In July, the company has agreed with creditors holding more than 97.8 percent of the debt on the deal. 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 stubborn creditors to sign up to its debt restructuring plan.

US-based hedge fund Monarch Alternative Capital, who didn’t agree on the proposal, won a USD45.5 million legal claim against Drydocks in April.

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