Dubai Dubai Drydocks World said Wednesday it is "extremely confident" of securing the necessary support from its syndicate of lenders by Monday to successfully implement its restructuring.

The shipbuilding unit, which is in negotiations to restructure a $2.2 billion loan facility, said in a statement it was one step nearer to signing a lock-up agreement intended to formally secure its lenders' support.

It follows a formal launch of its restructuring proposal at its all-lender meeting on March 8.

"Over the coming days the group's syndicated facility lenders will be asked to sign up to the lock-up agreement and hence formally confirm their support for the group's proposals," Khamis Juma Bu Amim, chairman of Drydocks World and Maritime World, said in a statement.

Hoping to complete the restructuring by July, the company has been in discussions with lenders since late 2011.

Completing the deal has taken longer than expected due to objections from some hedge funds.

New York-based Monarch Alternative Capital said in mid-March that it won a $45.5 million (Dh167.1 million) legal claim against Drydocks World for defaulting on a financial obligation.

Analysts at the time described the judgement as a "setback" to the shipbuilder's efforts to restructure its debt.

Syndicated facility

The syndicated facility, taken out to finance acquisitions in Singapore in October 2008, comprised a $1.7 billion three-year loan and a five-year $500 million loan. Bookrunners included BNP Paribas, HSBC, Standard Chartered, Mashreq, and Lloyds TSB among others.

Drydocks World is among several companies in Dubai seeking to restructure debt. Jebel Ali Free Zone and DIFC Investments are facing maturities this year, and Dubai Group is seeking to restructure $10 billion.

A long way

Moody's said earlier this year that the Dubai government and its state-owned entities had come a long way in tackling its maturing debt during the last two years.

Meanwhile, Drydocks World expects to win contracts worth $350 million after the completion of the debt restructuring, the company's chairman said recently, adding that $300 million of contracts had been won this year in Dubai for building and converting ships.

The chairman also said the company was making $30 million to $35 million a month from its repair business.