Drydocks World (DDW) seeks to amend the terms of its core syndicated debt facility and also plans to get new long-term working capital facilities in addition to a new $200 million the company announced on Saturday.
The shipbuilding arm of Dubai World is in talks with banks to restructure around $2 billion in debt and a majority of the debt i.e. $1.7 billion is maturing in November 2011, according to top officials of the company.
“Our debts amount to $2 billion, and a partial deal for restructuring is set for this week with the final deal set for April,” Khamis Juma Buamim, Chairman, Drydock World said earlier this month.
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