Reuters: Regulatory News: Dubai's Drydocks goes to court to force creditors in line

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Dubai's Drydocks goes to court to force creditors in line Apr 2nd 2012, 06:19 DUBAI, April 2 | Mon Apr 2, 2012 2:19am EDT DUBAI, April 2 (Reuters) - Dubai World's shipbuilding unit filed for insolvency protection, using a special law set up after the emirate's debt crisis, to force holdout creditors to sign on to its $2.2 billion restructuring proposal, two sources said on Monday. Drydocks World, which has said a significant majority of its lenders had formally backed the deal, filed a notification under Decree 57 on Sunday night, sources told ALB The Brief, a Thomson Reuters publication. A hearing before the Dubai World tribunal is slated for 1000 GMT on Monday, said the sources who spoke on condition of anonymity.

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