Tuesday 5 June 2012

Dubai's Drydocks World: Restructuring Remains On Track For 3Q Completion - Zawya

Drydocks World , a ship-builder owned by government-controlled conglomerate Dubai World , said Tuesday its $2.2 billion debt restructuring remains on track to be completed in the third quarter of the year.

The company said its hearing before the Dubai World Tribunal, a special body set up to handle legal matters connected to Dubai World and its subsidiaries, held earlier Tuesday and related to its Singapore business had proved fruitful. The hearing had been delayed in May.

"Today the re-scheduled directions hearing was effective, and the tribunal granted Drydocks World Dubai permission to convene the meetings of those creditors and equity interest holders who will be affected by the company voluntary arrangement (CVAs) which only impacts the impaired lenders under the group's historic syndicated facilities of 2008, to vote and approve the company proposal on July 10 2012," said Khamis Juma Buamim, the chairman of Drydocks World and Maritime World.

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