The UAE’s new bankruptcy law | A Move To Ease Business Fears

The UAE is in the process of implementing a new bankruptcy law. The new bankruptcy law is intended to create a more modern, debtor-friendly regime, with particular emphasis on the rescue of a distressed debtor’s existing business or the restructuring of the debtor’s liabilities, rather than formal liquidation or bankruptcy. The new law will be […]

Banks in UAE Sharply Boost Provisions in December

UAE banks appear to be stepping up a drive to build up bad debt provisions four years after the 2008 global fiscal distress, allocating nearly Dh2.1 billion in December, the highest monthly average in 2011. Due to massive lending in the real estate sector, banks in the UAE are extremely sensitive to downturns in the […]

Dubai’s Drydocks World to Complete $2.2 Billion Debt Restructuring by July

Drydocks World LLC plans to present next week the terms to restructure $2.2 billion of debt as the global credit crisis forces Dubai’s state-linked companies to alter terms on loan repayments. Shipping Online Related articles Dubai shipbuilding firm eyes end to debt process (seattlepi.com) Dubai shipbuilding firm eyes end to debt process (sfgate.com) Drydocks World […]

Dubai’s Drydocks to Present $2.2BDebt Plan Next Week

Dubai’s ship building unit Drydocks World, in negotiations to restructure a $2.2 billion loan facility, will present terms of the proposal to lenders on March 8, seeking to put an end to the long-drawn and complex debt talks. KippReport Related articles Dubai shipbuilding firm eyes end to debt process (sfgate.com) Dubai shipbuilding firm eyes end […]