Dubai’s Drydocks World hires Citi for $2.3bn debt restructuring - FT.com

Dubai’s Drydocks World hires Citi for $2.3bn debt restructuring - FT.com:



"Dubai’s Drydocks World has hired Citi to help restructure debts of around $2.3bn as the emirate exploits low interest rates and confidence in its diversified economy to push back repayments again, people familiar with the matter say.



The maritime engineering business, part of the government-owned conglomerate Dubai World, used bespoke bankruptcy legislation to restructure its debts in 2012 via a court process that saw off threats from a hedge fund that had won a repayment judgment.



Citi is expected after the summer to make new proposals to creditors, such as Standard Chartered and HSBC, that will seek to push back those repayment terms, said one government adviser. Citi declined to comment."



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