Indebted Dubai shipyard operator Drydocks World seeks court protection
Dubai's shipyard operator, Drydocks World has filed a claim with a special tribunal set up in the Emirate to allow restructuring after it failed to secure the backing of all its creditors.
Drydocks World's debt is around US$2.2 billion.
The company said it had secured approval by a “significant majority” of its syndicated låçenders for a voluntary restructuring proposal it put forward on March 8, but “a small minority have yet to confirm their support.”
“We take this step to protect the interests of the vast majority of the group's syndicated lenders, the clients, suppliers and wider stakeholders who continue to support the business throughout its restructuring,” said Drydocks World chairman Khamis Juma Buamim.