UAE: Drydocks World Closes Restructuring Deal

As anticipated, over the weekend a number of the Group’s lenders formally confirmed their support for the Group’s restructuring proposal. As a result, the Group has secured the necessary level of support from its syndicated facility lenders to implement its restructuring proposals.

“The Group has always sought the support of all its syndicated lenders and its proposals were designed to achieve that. Although a significant majority of lenders have confirmed their support for the Group’s plans, a small minority have yet to confirm their support. Nevertheless, the Group remains confident the absence of support from this minority will have no impact on the Group’s restructuring,” said Khamis Juma Buamim, Chairman of Drydocks World and Maritime World.

Having achieved the necessary level of support required to implement its plans, the Group and all its stakeholders are looking forward to the restructuring concluding rapidly and successfully, and the business placed on a secure long-term financial footing.

[mappress]

Shipbuilding Tribune Staff, April 2, 2012;