x Abu Dhabi, UAESaturday 22 July 2017

Drydocks World secures support for $2.2bn debt deal

The Wires: Dubai's ship building unit Drydocks World has secured the necessary level of support from its syndicated lenders to implement the restructuring of its $2.2 billion debt.

Dubai's ship building unit Drydocks World has secured the necessary level of support from its syndicated lenders to implement the restructuring of its $2.2 billion (Dh8.08bn) debt, the company said in a statement on Saturday.

The Dubai World unit said a "significant majority" of the Group's lenders had formally confirmed their support for the restructuring. However, a small minority is yet to confirm support, it added.

The company did not specify what percentage of lenders needed to agree for it to go ahead with the restructuring proposal.

"The Group remains confident the absence of support from this minority will have no impact on the group's restructuring," said the chairman of Drydocks World, Khamis Juma Buamim, in the statement.

It said last week that it hoped to secure lenders support by April 2.

Drydocks World has been in negotiations to restructure its loan facility in an effort to put an end to lengthy and complex debt talks.

Earlier this month, the company proposed repaying creditors in five years and said it was seeking more working capital.