Reuters: Regulatory News: Dubai's Drydocks files for protection under new insolvency law

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Dubai's Drydocks files for protection under new insolvency law Apr 2nd 2012, 11:29 DUBAI, April 2 | Mon Apr 2, 2012 7:29am EDT DUBAI, April 2 (Reuters) - Dubai World's shipbuilding unit has filed for a special form of insolvency protection, it said on Monday, using a special tribunal to force holdout creditors to sign up to its $2.2 billion debt restructuring plan. The company, which has said a significant majority of its lenders had formally backed the deal, filed a notification under Decree 57. "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," Drydocks' Chairman Khamis Juma Buamim said in a statement on Monday. Dubai's ruler issued Decree 57 in 2009, creating a special tribunal for Dubai World to deal with any litigation related to the state-linked conglomerate's $26 billion debt crisis.

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