RESTRUCTURING

摘要

State-owned ourai world received backing from all its creditors for a US$14.6bn restructuring plan, paving the way for the deal to be formally approved by May. The conglomerate signed the restructuring in 2011 in the wake of the emirate's financial crisis. Dubai World subsequently brought the court case under Decree 57, a law the government introduced to help administer restructurings in the absence of an effective insolvency law in the UAE. The decree's remit includes imposing restructurings on minority creditors once enough backing for such deals is secured. This trigger point, 66.7% of the value of the debt, was achieved for Dubai World last month. At the same time, its biggest creditor Emirates NBD said it had reclassifled its exposure as performing. Dubai World's lawyers are now seeking to withdraw the Decree 57 application. The court was adjourned until May 10, when it is expected to sign off on that request once all creditors have formally approved the plan.