FINANCIAL NEWS

Dubai’s DryDocks secures creditors’ support for debt restructuring

02 Apr 2012

(MENAFN) Dubai’s DryDocks World said that it managed to obtain the approval of the majority of its lenders to execute its USD2.2 billion debt restructuring plan, reported AP.

The state-owned shipyard operator added that although a small minority of creditors has not signed on to the plan, however, the company has enough support to apply the restructuring.

It also said that debt negotiations were complicated by a lawsuit by Monarch Alternative Capital, one of the company’s creditors, which was seeking around USD45 million it was owed.

The division of the Dubai’s debt-laden Dubai World conglomerate didn’t give any details about the revised repayment terms, or how many lenders gave their approval to the deal.

It is worth noting that DryDocks World runs the Middle East’s largest shipyard in Dubai, where it constructs and repairs ships and oil drilling rigs.

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