United Arab Emirates

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Drydocks World Creditors Anticipate Debt Restructuring Plans

Bank creditors to Drydocks World (DDW), Dubai’s maritime engineering business, are expecting to receive proposals from the government-owned company to restructure some of the US$2.3 billion debt it refinanced in 2012, The National reported. Recent ta ...

Daily Headline - global.abi.org - 06/28/2015 - 20:31 - 0 comments

Hadef & Partners Legal Highlights

35 YEARS LEADING THE UAE LEGAL PROFESSION Just as the UAE has grown and developed since its formation in 1971, so have we. This year Hadef & Partners celebrates 35 years since its formation. In this our first newsletter of 2015, we would like to ex ...

Resource Article - twallace@abiwor... - 04/06/2015 - 08:43 - 0 comments - 0 attachments

Secured Creditors Of Espirito Santo Dubai Unit To Get 82.7 Percent Payout

Liquidators for ES Bankers (Dubai) Ltd (ESBD) have estimated they will pay out 82.7 percent of the $93.5 million owed to depositors in the stricken bank, advisory firm Deloitte said on its website, Reuters reported. However, unsecured creditors of the Du ...

Daily Headline - global.abi.org - 03/23/2015 - 20:36 - 0 comments

UAE Insolvency Law Closer To Reality

At the start of a new year, the UAE’s lawyers, bankers, small business owners and, indeed, government officials, are still waiting for the country’s new insolvency bus – sorry, law –to arrive. But the signs are that after many years of standing at the bu ...

Daily Headline - global.abi.org - 01/28/2015 - 22:37 - 0 comments

UAE Insolvency Law: Priority For Business Growth

Towards the end of last year, it was announced that the UAE’s long anticipated reform of the insolvency reform bill was reaching its final stages prior to implementation, Emirates 24/7 reported. The legal framework was drawn up following the establishmen ...

Daily Headline - global.abi.org - 01/25/2015 - 22:36 - 0 comments

Dubai's Limitless Nears Creditor Assent For Debt Extension

Dubai government-owned property developer Limitless has secured the agreement of 85 percent of its creditors for a three-month extension to a debt repayment due at the end of 2014 and for a proposed restructuring plan, its chairman said, Reuters reported ...

Daily Headline - global.abi.org - 01/21/2015 - 23:32 - 0 comments

Dubai World Gets Majority Creditor Backing For $14.6 Billion Debt Deal

State-owned conglomerate Dubai World edged closer to a second major restructuring in four years on Monday after announcing it had reached agreement with a "substantial majority" of creditors to back its $14.6 billion debt deal, Reuters reported ...

Daily Headline - global.abi.org - 01/13/2015 - 01:40 - 0 comments

Dubai's Limitless Asks For More Time After Missing Debt Deal Deadline

Limitless, a Dubai government-related real estate developer, has asked for a three-month extension to talks with creditors after failing to secure a new restructuring deal on its $1.2 billion debt pile, four banking sources told Reuters on Thursday. The ...

Daily Headline - global.abi.org - 01/08/2015 - 23:34 - 0 comments

Vitol-Linked Cockett Marine To Hire Ex-OW Bunker China Team

A Dubai-based venture half-owned by commodities trader Vitol SA has hired more than 10 ex-OW Bunker employees in China, showing how swiftly merchants are filling the vacuum left by the former top marine fuel supplier, China-based traders said on Friday, ...

Daily Headline - global.abi.org - 12/07/2014 - 22:37 - 0 comments

Dubai World Restructuring Set To Adopt Bankruptcy Law

Dubai World, the government-owned conglomerate, is set to use provisions of the emirate’s special bankruptcy law to ensure an orderly process in the restructuring of US$15 billion of debts, The National reported. A meeting of international bank credi ...

Daily Headline - global.abi.org - 12/03/2014 - 23:45 - 0 comments

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