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FINANCIAL NEWS
Dubai’s Drydocks expects USD2.2b debt restructure by March
20 Dec 2011
(MENAFN) Drydocks World, the shipbuilding arm of Dubai World, said it may complete a USD2.2 billion debt restructuring deal by the end of March 2012, Reuters reported.
The amount received the USD2.2 billion credit facility in October 2008, divided to a USD1.7 billion three-year loan and a five-year USD500 million loan.
The company’s CEO Khamis Juma Buamim said that Drydocks World is looking to extend debt repayments for between five and eight years.
He added that Drydocks is negotiating with the creditors to secure a working capital facility. Drydocks agreed a USD200 million credit facility with banks in January.
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