Drydocks World achieves great majority support to implement debt restructring

Dubai: Drydocks World on Thursday confirmed that a great majority of its lenders formally support its proposals to successfully implement the restructuring of its $2.2 billion debt.

The development process, which follows on from the ship-building and repair company's filing for Decree 57 on April 1, 2012, will have "no effect" upon the ongoing operations of Drydocks World, its clients, suppliers or employees, the company said in a statement, adding it will "be business as usual" during the process and going forward once the restructuring is effective.

Drydocks said earlier in the week that a small minority were yet to confirm their support to the company's debt restructuring even as the company has received approvals from the significant majority of its syndicated lender group.

"Once implemented, the business should be well placed to progress its strategic ambitions, secure in the knowledge that it is on a firm financial footing," the company stated on Thursday.