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April 4, 2012

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Drydocks World resorts to the court in order to obtain the consent of all the creditors on the plan of restructure of the debit

The exposure piles to approximately 2,2 billion dollars

Drydocks World Dubai LLC and Drydocks World LLC, companies that constitute the navalmeccanico branch Drydocks World - Dubai of the Dubai conglomerate World, has introduced request to the court of Dubai so that it is applied in theirs confronts I decree 57 of 2009, provision emitted from the sheik Mohammed bin Rashid Al Maktoum, vice president and Prime Minister of Dubai, with which the institution of specific court for the composition of relative the economic-financial disputes of character to the Dubai group controlled World and its is established.

The objective of the request is to agree with the creditors the restructure of the debit of Drydocks World, that it piles to approximately 2,2 billion dollars. I decree 57 of 2009 has the scope to define a legal picture in order to manage the possible failure or liquidation of Dubai World if the group you do not respect own obligations in confronts of the creditors.

Al court who takes care of Dubai World, that is constituted by three judges, is remitted every relative decision to the requests and the procedures introduced against the group, included the eventual issolution or liquidation of the company. I decree is formulated as the same Dubai World is constituted for I decree of the government of Dubai and as such has an only legal status, that it previews among other things that the obligations of the company are not guaranteed by the government. Moreover Dubai World cannot resort to the administration controlled previewed from the bankrupt law of the United Arab Emirates.

Drydocks World has explained that, although a wide majority of the group of creditors has approved of the plan of restructure of the debit, a meager minority must still give its assent and the resource to I decree 57 has the objective to make so that the plan can be approved of within the first trimester of this year.

"We have completed this step - the president of Drydocks has asserted World, Khamis Juma Buamim - in order to safeguard the interests of the overwhelming majority of the creditors unions of the group, the customers, the suppliers and more in general terms of the stakeholders that they continue to support the activity through its restructure and that they will continue to support it in the years to come".

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