DRYDOCKS World (DDW), the indebted Dubai-based shipyard, has made further headway in efforts to trim its US$2.2 billion debt load.
DDW said yesterday that it had obtained the go-ahead from its creditors for a scheme of arrangement relating to existing term loan facilities, thus paving the way for DDW's joint venture with Pacific Carriers Limited, a shipping company that is part of Malaysian billionaire Robert Kuok's business empire.
The JV will combine DDW's four South-east Asian yards with the Kuok Group's two in China, and also boast a fleet of 300 ships.
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