DWT/VAN/0001/2015 (1) Dubai World (2) Dubai World Group Finance Limited (3) Istithmar World Holdings LLC (4) Istithmar World PJSC (5) Port & Free Zone World FZE-VAN Directions Order
February 15, 2015 | Case Updates
Claim No. DWT/VAN/0001/2015
In the name of His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Ruler of Dubai
IN THE SPECIAL TRIBUNAL TO DECIDE THE DISPUTES RELATED TO THE SETTLEMENT OF THE FINANCIAL POSITION OF DUBAI WORLD AND ITS SUBSIDIARIES
Before: Sir Anthony Evans, Michael Hwang SC, Sir John Chadwick & Sir David Steel
In the matters of
(1) DUBAI WORLD
(2) DUBAI WORLD GROUP FINANCE LIMITED
(3) ISTITHMAR WORLD HOLDINGS LLC
(4) ISTITHMAR WORLD PJSC
(5) PORT & FREE ZONE WORLD FZE
Applicants
ORDER
UPON hearing Counsel for the Applicants on 15 February 2015;
AND UPON no other party appearing at the hearing of the Application;
AND UPON reading the Third Witness Statement of Hamad Mubarak Buamim dated 15 February 2015, together with Exhibit “HMB3”;
AND UPON considering the provisions of Decree No. 57 for 2009 Establishing a Tribunal to decide the Disputes Related to the Settlement of the Financial Position of Dubai World and its Subsidiaries (as Amended) (the “Decree”);
AND UPON the Applicants undertaking to give notice of the terms of this order: (a) to the creditors impaired by the proposed company voluntary arrangements commenced under the Schedule to the Decree (the “CVAs”) by Debtdomain; and (b) to all creditors and equity interest holders, including those who are not impaired by the CVAs for the purpose of Article 14(b) of Section 2 of the Schedule to the Decree, in the Wall Street Journal and Bloomberg newswires;
IT IS HEREBY ORDERED THAT:
1. The Applicants’ application for permission to discontinue the proceedings in respect of the CVAs be adjourned until 10 a.m. on 10 May 2015 with liberty to apply for an earlier hearing date (the “Discontinuance Application”). The Applicants agree, if necessary and convenient, for the hearing of the Discontinuance Application to be conducted by one member of the Tribunal.
2. The automatic moratoria pursuant to Article 8 of Section 1 of the Schedule to the Decree and Article 26 of Section 2 of the Schedule to the Decree, which came into force on 12 January 2015 (as varied by order of the Tribunal dated 13 January 2015), shall cease to apply with immediate effect.
3. There be liberty to apply for further relief or other directions herein.
Issued by:
Sir Anthony Evans
Chairman
on behalf of the Tribunal
Date of Issue: 15 February 2015
At: 1 pm
