Drydocks World LLC, the Middle East’s biggest shipyard, may pay part of its $2.25 billion of loans over 15 years as part of a debt-restructuring deal, according to a person with knowledge of the plan.
The Dubai World-controlled company replaced the old debt with two new facilities, including a $1.5 billion, 15-year so- called profit participating loan, according to the person, who asked not to be identified because the information is private. The facility will pay creditors any excess profit or cash from asset sales apart from interest, the person said. Drydocks World also agreed on a new $800 million five-year loan which pays a market interest rate, according to the person.
A Dubai-based Drydocks spokeswoman, who asked not to be identified because of company policy, declined to comment.
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