Drydocks sees $2.2bn debt restructing by July

Dubai, March 1, 2012

Drydocks World, a unit of Dubai World, has the backing from majority of its key creditors and plans to complete its $2.2 billion debt restructuring by this July, said its top official.

Khamis Juma Buamim, the chairman of Drydocks World and Maritime World, said he will present the terms of the proposal to lenders at the March 8 meeting.

A major player in the marine industry, Drydocks World had been in dialogue with its core group of lenders since late 2011 to develop a proposal for the restructuring of its debt obligations.

'We have made significant progress with the support of our wider stakeholders over recent months in all aspects of the restructuring. We are targeting a completion date of all aspects of Drydocks World restructuring by July,' remarked Juma Buamim.

The shipping major had earlier said it expected to complete the long-delayed debt restructuring by the end of March.

Drydocks World is one of the most prominent names in the maritime industry boasts of a massive fleet operations with facilities in the Middle East and Southeast Asia.

Its flagship facility in Dubai is the largest, cutting edge ship repair, conversion, new building and engineering facility in the world.-TradeArabia News Service

Tags: Dubai World | Drydocks World | debt | creditors | restructing |