Reuters: Regulatory News: Dubai's Drydocks files Singapore case to get creditor backing

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Dubai's Drydocks files Singapore case to get creditor backing Apr 2nd 2012, 12:18 DUBAI, April 2 | Mon Apr 2, 2012 8:18am EDT DUBAI, April 2 (Reuters) - Shipbuilder Drydocks World, which sought insolvency protection in Dubai to get holdout creditors to support its $2.2 billion debt restructuring on Monday, has also filed legal proceedings in Singapore to push through the proposal, its lawyers said. Drydocks, with operations in Dubai, Indonesia and Singapore, filed the case with a Dubai special tribunal which can compel creditors to accept terms already adopted by the majority. Drydocks' lawyers said the Singapore filing was under section 210 of that country's companies act which provides for similar provisions. The lawyers told the Dubai tribunal on Monday that 75 percent of its creditors had approved its restructuring plan.

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