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FINANCIAL NEWS
Drydocks World secures $200m in financing
23 Jan 2011
(MENAFN) Khamis Juma Buamim, Chairman of Drydocks World (DDW), the shipbuilding and repair arm of indebted state conglomerate Dubai World, revealed that it has secured $200 million credit facility, and plans to begin talks with creditors to restructure its debt, AP reported.
According to Buamim, the mentioned loan was provided by seven of Drydocks World�s existing lenders, and the financing is good through the end of April. Moreover, DDW aims to have the broader debt restructuring completed in the upcoming months.
Its parent, Dubai World, last year worked out new terms to nearly $25 billion in debt. Drydocks World was separate from that debt restructuring.
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