Drydocks World LLC (DDW) has announced that Drydocks World-Southeast Asia Pte Ltd, Drydocks World-Singapore Pte Ltd, Labroy Marine Pte Ltd, Labroy Shipbuilding and Engineering Pte Ltd, and Labroy Offshore Engineering Pte Ltd (together the "Scheme Companies") today held meetings of their scheme creditors at which the creditors were asked to vote to approve Schemes of Arrangements pursuant to Section 210 of the Singapore Companies Act (the "Schemes"). The Schemes enable the Scheme Companies to enter into an amendment agreement with the creditors under the Existing Term Loan Facilities Agreement ("ETLFA") to enable the Majority Existing Term Loan Facilities Creditors (the "Creditors") to consent to the release of the Scheme Companies from their obligations under the ETLFA and thereby facilitate the closing of the joint venture described below. DDW and the Scheme Companies are pleased to advise that 100% of those Creditors present and voting voted in favour of the Schemes at today's meetings. Those Creditors represented approximately 97% of all Scheme Creditors.
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