Dubai World Tribunal News

“The approval of the proposals at today’s [creditors] meetings is a fundamental step to concluding Drydocks ‘ debt restructuring,” said Ian Schneider, a partner at PwC. “The level of support received by the companies far exceeded the two-thirds majority required by the Decree 57 legislation to approve these proposals,” the statement said. The shipbuilding and repair company, which has unveiled an ambitious underwater hotels and floating cities project, the first of its kind in the region, is using the Dubai World Tribunal, a special judicial body formed by Dubai’s Decree 57 of 2009, to expedite its restructuring proposals. PwC said Drydocks would seek a sanction of the approvals from the Tribunal at a hearing on August 28.