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

People & Company News

DNV-GL Approves Kongsberg Engine Room Simulators

Kongsberg Maritime has received DNV-GL certification for three of its latest engine room simulator models designed to provide in-depth training on the K-Sim Engine simulator platform.

Container Shipping Lucky to Break Even in 2015

A toxic mixture of overcapacity, weak demand and aggressive commercial pricing is threatening liner shipping industry profitability for the rest of 2015, according

CMA CGM's OPDR Acquisition Approved by EU

The CMA CGM Group announced that the European Commission has approved its acquisition of OPDR. In order to finalize the acquisition, which was announced on November 25, 2014 by Jacques R.

Finance

Greece Port Operations Update

An update on Greece’s port operations and local conditions was issued today by maritime services provider Inchcape Shipping Services (ISS).   According to ISS,

Container Shipping Lucky to Break Even in 2015

A toxic mixture of overcapacity, weak demand and aggressive commercial pricing is threatening liner shipping industry profitability for the rest of 2015, according

Dry Bulk Market Crisis: Opportunity or Threat?

The shipping industry is experiencing the biggest dry bulk market recession since the 1980s, as uncertain global economic outlook and increased imbalance between

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Pipelines Pod Propulsion Salvage Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.2156 sec (5 req/sec)