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In a significant development, international law firm A&O Shearman has advised UAE-based construction company Drake & Scull International PJSC (DSI) on the completion of a debt restructuring totaling AED 4 billion (approximately $1.1 billion).
This restructuring represents the first major application of the UAE Bankruptcy Law which came into effect on May 1. The law aims to modernize bankruptcy procedures by introducing preventive settlements, flexible restructuring procedures, and expanding liabilities.
For more details on this landmark case, read the full article here.
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