Drydocks World LLC plans to present next week the terms to restructure $2.2 billion of debt as the global credit crisis forces Dubai’s state-linked companies to alter terms on loan repayments.
Drydocks World, a unit of state-controlled Dubai World, will on March 8 “present the terms of its proposal and the steps required to implement it along with the associated timeline to all its syndicated lenders,” the company said in an e-mailed statement today. The company, which expects to complete the restructuring by July, “is confident that it will receive the support of a majority of its syndicated lenders to the terms of its debt restructuring,” it said.
Drydocks World is one several companies in Dubai seeking to restructure debt after property prices and asset values slumped in the Persian Gulf business hub and credit markets froze. Dubai World, one of the three main state-controlled holding companies, reached a deal last March with about 80 banks to delay payments on $25 billion of debt, while Dubai Group LLC is seeking to restructure $6 billion of bank debt.
No comments:
Post a Comment