Dubai World debt tribunal fully operational

More than 100 inquiries by creditors have been made to the Dubai World special tribunal with claims about money they believe they are owed by the conglomerate, the National reports on Sunday.

No claims have been filed as yet, the paper reports, adding that the tribunal is fully operational.

Mark Beer, the registrar of the tribunal and of the Dubai International Financial Centre (DIFC) Courts, told the paper he had received “many inquires on a daily basis about the procedure in relation to filing with the tribunal”.

“People are factoring the tribunal into their strategy. They are preparing themselves,” he said.

Dubai World is still negotiating the terms of a $22 billion debt restructuring plan, but sources have hinted that an announcement could be made this month. The firm rocked global markets in November with plans to request a delay in repaying $26 billion in debt linked to its property units Nakheel and Limitless World.

The tribunal was created on December 13 by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai.