Dubai: Drydocks World LLC said it has been in dialogue with its core group of lenders since late 2011 to develop a proposal for the restructuring of its debt obligations under its $ 2.2 billion (Dh8 billion) syndicated facility.
"With the support of its wider stakeholders, significant progress has been made over recent months in all aspects of the restructuring. As a result, DDW can today announce that it is confident that it will receive the support of a majority of its syndicated lenders to the terms of its debt restructuring," said the state-owned entity.
"Consequently, on the 8th of March 2012, DDW will present the terms of its proposal and the steps required to implement it along with the associated timeline to all its syndicated lenders. DDW is targeting a completion date of all aspects of its restructuring by July 2012," Khamis Juma Buamim, Chairman of Drydocks World and Maritime World, said in a statement.
Drydocks World's flagship facility in Dubai is the largest ship repair, conversion, new building and engineering facility in the region.
In Southeast Asia, Drydocks World unites leading expertise at the world’s crossroads of busiest shipping lanes, and close proximity to major offshore oil and gas field developments in Singapore and Batam Island, Indonesia. Diverse marine activities are focused in 4 shipyards, namely: Singapore, Graha, Nanindah and Pertama.
Collectively these encompass 29 building berths, 8 floating docks, and a specialised rig building yard.
