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”).
Decree 57 creates an unprecedented insolvency regime applicable to Dubai World and its subsidiaries. Decree 57 gives the Tribunal exclusive