DryDocks seeks aid from tribunal on $2.2bn debt restructuring

DryDocks World, the owner of the Middle East's biggest shipyard, has filed a claim with a special tribunal in an effort to move forward its $2.2bn restructuring through a government decree.

The company filed a notification under Decree 57 with the Dubai World Tribunal, which will protect it from any claims coming from creditors.

The ship builder said that “a significant majority,” but not all of the creditors have so far signed the five year plan to repay the debt owed.

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