Drydocks World has convinced a special court in Dubai to grant an order allowing a US$2.2 billion (Dh8.08bn) debt deal to go ahead against the wishes of hedge fund creditors.
The owner of the Middle East's largest shipyard broke the impasse in negotiations over its debt restructuring after it secured an accord among 97 per cent of lenders at a meeting last month, the Dubai World Tribunal heard yesterday.
"The sanctioning of the company voluntary arrangements concludes the formal approval of Drydocks World Dubai's debt restructuring proposals," Drydocks told Reuters following the hearing.
In April, the company approached the Dubai World Tribunal, which was set up in the wake of the 2009 debt crisis at its parent, Dubai World, seeking protection under the as-yet-untested insolvency protection regime known as Decree 57.
Decree 57 is a creditor protection law modelled on international best practice.
The suit is an important test case for the law, which allows restructurings to be approved if agreement is reached by a two-thirds majority of creditors.
The financial details of the restructuring have not been made available yet but bankers said they were braced for a significant haircut.
Monarch Alternative Capital, with an interest of about $45 million, opposed the restructuring proposal. A spokeswoman for the firm declined to comment on the outcome of the hearing.
The hedge fund successfully sued Drydocks World through Singapore's high court in March, winning $45.5m.
The other creditor is JPMorgan, which has an interest of about $5m and abstained in last month's vote. The bank also declined to comment.
Hedge funds have made life difficult for companies attempting debt restructurings in the Arabian Gulf during the past year.
Arcapita, a Bahraini investment bank, was forced to seek Chapter 11 creditor protection in the United States when its debt negotiations met with opposition from distressed-debt investors.
rjones@thenational.ae
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The specs
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Company%20Profile
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Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ENamara%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJune%202022%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EMohammed%20Alnamara%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%20%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EMicrofinance%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E16%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFamily%20offices%0D%3Cbr%3E%3C%2Fp%3E%0A
Brief scores:
Everton 2
Walcott 21', Sigurdsson 51'
Tottenham 6
Son 27', 61', Alli 35', Kane 42', 74', Eriksen 48'
Man of the Match: Son Heung-min (Tottenham Hotspur)
Apple product price list
iPad Pro
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MacBook Air
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The specs
Engine: 3.8-litre twin-turbo flat-six
Power: 650hp at 6,750rpm
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Transmission: 8-speed dual-clutch auto
Fuel consumption: 11.12L/100km
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War
Director: Siddharth Anand
Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor
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Jawan
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Company%20profile
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Trippier bio
Date of birth September 19, 1990
Place of birth Bury, United Kingdom
Age 26
Height 1.74 metres
Nationality England
Position Right-back
Foot Right
Lewis Hamilton in 2018
Australia 2nd; Bahrain 3rd; China 4th; Azerbaijan 1st; Spain 1st; Monaco 3rd; Canada 5th; France 1st; Austria DNF; Britain 2nd; Germany 1st; Hungary 1st; Belgium 2nd; Italy 1st; Singapore 1st; Russia 1st; Japan 1st; United States 3rd; Mexico 4th
World Cup warm-up fixtures
Friday, May 24:
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Saturday, May 25
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Company Profile
Company name: Fine Diner
Started: March, 2020
Co-founders: Sami Elayan, Saed Elayan and Zaid Azzouka
Based: Dubai
Industry: Technology and food delivery
Initial investment: Dh75,000
Investor: Dtec Startupbootcamp
Future plan: Looking to raise $400,000
Total sales: Over 1,000 deliveries in three months
Spec%20sheet
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Confirmed%20bouts%20(more%20to%20be%20added)
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