Drydocks World LLC, the ship-repair unit owned by state-controlled Dubai World, expects to reach a deal on restructuring US$2.2 billion of debt with creditor banks in March, Chairman Khamis Juma Buamim said.
“We have not asked for government guarantees’’ for the restructuring, Buamin told reporters in Dubai today. The company has proposed to pay back the loan in five to eight years, he said.
Drydocks World borrowed US$1.7 billion for three years in August 2008 from a group of banks at 170 basis points over the London interbank offered rate to fund an acquisition, according to data compiled by Bloomberg.
“We have not asked for government guarantees’’ for the restructuring, Buamin told reporters in Dubai today. The company has proposed to pay back the loan in five to eight years, he said.
Drydocks World borrowed US$1.7 billion for three years in August 2008 from a group of banks at 170 basis points over the London interbank offered rate to fund an acquisition, according to data compiled by Bloomberg.
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