Drydocks World LLC, the ship repair unit of the government conglomerate Dubai World, plans to pay $90 million that is due to trade creditors by the end of April, according to the company's chairman Khamis Buamim.
Buamim said the company has met with its international trade creditors this week, "and has informed them of the restructuring process that the company is currently undergoing." They were informed that they will be paid by the end of April under the terms of a debt restructuring deal.
Other obligations are still being investigated and will be paid "as long as they prove rightful and compliant with the standards and procedures" of the restructuring deal, Buamim said.
Meanwhile, Drydocks World is also in talks with its bank creditors about restructuring a $2.2 billion syndicated loan that dates back to 2007, Buamim said. He hopes to reach an agreement by the end of April.
All the Drydocks World debt being restructured dates back to the period before August 2010, and the company has been self-funded since then, Buamim said.
Buamim denied reports that Drydocks World is still being sued in the Singapore courts for non-payment of suppliers. He said the cases "have been concluded and a settlement was reached in February. These are old cases of payment orders and are not lawsuits."
Buamim said that Drydocks World and Maritime World, a related company for which he is also chairman, will be issuing a full statement by Sunday with a further explanation.
No comments:
Post a Comment