Dubai's New Restructuring Law Aims To Calm Creditors

Law360, New York (December 14, 2009, 7:40 PM EST) -- With $10 billion of funding coming from Abu Dhabi, the government of Dubai introduced a new restructuring law on Monday to give the state-owned Dubai World the power to file for bankruptcy protection, in a move that attorneys say will help pacify creditors, many of whom are based in Europe and the United States.

Abu Dhabi, a fellow member of the United Arab Emirates, offered a rescue package worth $10 billion, allowing Dubai World to pay back a $4.1 billion sukuk, or Islamic bond, that was...
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