Drydocks World $2.3bn debt talks hit roadblock | The National

Drydocks World $2.3bn debt talks hit roadblock | The National:

"Drydocks World, the Dubai government-owned marine engineer, has reached an impasse in its talk with creditors over US$2.3 billion of outstanding debts.

A recent meeting between the company, advised by Citibank, and creditors, represented by six financial institutions and advised by the American specialist firm Moelis & Co, ended with disagreement on terms of a proposed deal to restructure the debt in two tranches.

According to a financial source close to the situation, the company is believed to have proposed an extension of the first tranche of debt, about US$800 million that is due in 2017, with a small cash repayment element."



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