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US$2.2 billion drydocks world restructuring approved in first test case under Dubai Decree No. 57
  • Latham & Watkins LLP
  • United Arab Emirates
  • August 30 2012

On August 28, 2012, the Special Tribunal related to Dubai World (the “Tribunal”) formally approved the restructuring of more than US$2 billion of debt of Drydocks World LLC and Drydocks World Dubai LLC (together, “Drydocks”) under a syndicated term loan facility and separate hedging agreements, in the first restructuring approved under Dubai Decree No. 57 for 2009 (“Decree 57”).


First test case for Dubai’s innovative Decree 57 restructuring regime
  • Latham & Watkins LLP
  • USA, Singapore, United Arab Emirates, United Kingdom
  • July 2 2012

On April 1, 2012 Drydocks World LLC and its subsidiary Drydocks World Dubai LLC, a Dubai- and Asia-based ship building and repair company that is wholly owned by Dubai World, became the first company to commence a reorganization proceeding in the Special Tribunal created by Dubai Decree No. 57 for 2009 and avail itself of Decree 57’s integrated legal framework.


Dubai World reaches agreement to restructure $23.5 billion in debt
  • Alston & Bird LLP
  • United Arab Emirates
  • May 21 2010

Yesterday, Dubai World, the struggling investment branch of the emirate of Dubai, announced that it had tentatively reached an agreement with a group of banks to restructure $23.5 billion in debt.


Dubai World restructuring Decree No. 57
  • Diaz Reus
  • United Arab Emirates
  • May 1 2010

On 13 December 2009, the Dubai Government issued Decree No. 57 for 2009, in response to the widely publicized concerns over Dubai World’s debt position.


New Dubai decree relating to any future restructuring of Dubai World and its subsidiaries
  • Latham & Watkins LLP
  • United Arab Emirates
  • April 16 2010

On 13 December 2009, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE, Ruler of Dubai, issued Decree No. 57 for 2009 Establishing a Tribunal to Decide Disputes Related to the Settlement of the Financial Position of Dubai World and its Subsidiaries (Decree No. 57).


Dubai World and Nakheel propose debt restructuring, including $9.5 billion from Dubai government
  • Alston & Bird LLP
  • United Arab Emirates
  • March 25 2010

Today, Dubai World announced that it has presented a restructuring proposal to the Coordinating Committee representing its creditors on the restructuring of $23.5 billion of total financial liabilities of Dubai World as of December 31, 2009.


Dubai World government releases details of a tailor-made restructuring process
  • Herbert Smith Freehills LLP
  • United Arab Emirates
  • March 2 2010

In the wake of the high profile financial problems affecting the Dubai World group, the Dubai government has announced a new reorganisation law in case that group is unable to achieve an acceptable restructuring of its debts.


IMF makes recommendations to Dubai regarding restructuring of Dubai world debt
  • Alston & Bird LLP
  • United Arab Emirates, Global
  • February 19 2010

On Wednesday, the International Monetary Fund, in a published Public Information Notice, summarized the Executive Board's discussions of the annual Article IV Consultation for the United Arab Emirates (UAE), which took place on February 3, 2010.


Recent legal developments in the Middle East
  • Herbert Smith Freehills LLP
  • United Arab Emirates
  • February 10 2010

In the wake of the high-profile financial problems affecting the Dubai World group, the Dubai government has announced a new reorganisation law in case that group is unable to achieve an acceptable restructuring of its debts.


Dubai government releases details of a tailor-made restructuring process
  • Herbert Smith Freehills LLP
  • United Arab Emirates
  • January 18 2010

At the same time as announcing that the Nakheel sukuk due for repayment on 14 December would be repaid in full, the Dubai government stated that it would pass a reorganisation law for the Dubai World group in case that group is unable to achieve an acceptable restructuring of its remaining obligations.