A&O Shearman advised UAE-based Drake & Scull International on a pioneering $1.1 billion debt restructuring, marking the first major case under the UAE Bankruptcy Law.
June 26, 2024 at 06:08 AM
2 minute read
International law firm A&O Shearman advised UAE-based construction company Drake & Scull International PJSC (DSI) on the completion of a debt restructuring amounting to AED 4 billion (about $1.1 billion).
It is the first major restructuring under the UAE Bankruptcy Law which came into effect May 1. The law introduces preventive settlements, flexible restructuring procedures, and expanded liabilities.
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