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Al-Mirsal Insights and commentary on legal developments in the Middle East

US$2.2 billion Drydocks World Restructuring Approved in First Test Case under Dubai Decree No. 57

Posted in Restructuring & Insolvency

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…. Continue Reading

The DIFC Special Purpose Company: An Increasingly Popular Vehicle for Structured Finance Transactions

Posted in Banking and Finance

Over the last 12 months, structured finance transactions in the Middle East (both Islamic and conventional) have seen increased use of a comparatively new and previously underutilized type of special purpose vehicle (SPV) – the DIFC special purpose company (SPC). An SPC is a private company limited by shares incorporated under the laws of the… Continue Reading