Drydocks World Creditors Approve J/V Scheme

Press Release
Friday, July 06, 2012

SE Asia creditors of Drydocks World vote for joint venture with Kuok Group to proceed

Background: On 27 June 2012, DDW announced that it had entered into a joint venture agreement with Pacific Carriers Limited ("PCL"), a wholly-owned subsidiary of Kuok (Singapore) Limited.  The SEA Group would, following completion of the transaction, be managed as a joint venture between DDW and PCL and would be called DDW-PaxOcean Asia. Pte Ltd. Completion of this transaction was conditional on, amongst other things, the Schemes being approved by the Creditors.

The creditors meeting duly approved the proposed schemes, commenting Khamis Juma Buamim, Chairman of Drydocks World and Maritime World said:  “I am pleased with this strong support and overwhelming commitment from our creditors to keep the company sustainable and poised for growth with all its great potentials. We truly value this support and commitment to the company’s strategic thought process and undertaking. Once again I affirm my commitment to our business operations in Singapore and Indonesia and the Joint Venture with Kuok Group,”

The text of DW's announcement in greater detail follows:

Drydocks World LLC (“DDW”) has announced that Drydocks World-Southeast Asia Pte Ltd, Drydocks World-Singapore Pte Ltd, Labroy Marine Pte Ltd, Labroy Shipbuilding and Engineering Pte Ltd, and Labroy Offshore Engineering Pte Ltd (together the "Scheme Companies”) today held meetings of their scheme creditors at which the creditors were asked to vote to approve Schemes of Arrangements pursuant to Section 210 of the Singapore Companies Act (the “Schemes”).  The Schemes enable the Scheme Companies to enter into an amendment agreement with the creditors under the Existing Term Loan Facilities Agreement ("ETLFA") to enable the Majority Existing Term Loan Facilities Creditors (the “Creditors”) to consent to the release of the Scheme Companies from their obligations under the ETLFA and thereby facilitate the closing of the joint venture described below.

 

 

 

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Apply Now for the MN 100

The August 2015 edition of Marine News, the leading voice in the North American workboat market, will feature 100 leaders and innovators, including workboat owners and operators,

Alfred Hartmann: New Captain on the Bridge at VDR

Shipping owner Alfred Hartmann is the new President of the Association of German Shipowners (VDR). For the first time a mid-size company owner is at the helm of the VDR,

VT Halter Powers Ahead

If you drive just south of I-10 in Pascagoula, Miss., within 10 minutes you find yourself on the doorstep of VT Halter Marine, arguably one of the more diverse and active shipyards in the U.

Finance

Oil Price Shock Soon to be Positive Overall for Canada

Canada's economy will start to show more positive effects from the drop in oil prices than negatives from the second quarter onwards, Bank of Canada Governor Stephen Poloz said on Friday.

Total Eyes Sale of its Fuel Retailing Business in Turkey

Total aims to exit its fuel distribution business in Turkey and has asked Societe Generale to lead the sale, sources said on Friday, as the French oil producer

MISC Says AET Tankers Unit Not for Sale

MISC Berhad issued a statement today addressing recent market speculation that the company is set to sell its wholly owned petroleum tanker subsidiary AET Tankers.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Electronics Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1434 sec (7 req/sec)