Drydocks World Adjourns Decree 57 Directions Hearing

(Press Release)
Monday, May 07, 2012

Following on from Drydocks World Dubai LLC and Drydocks World LLC (together the “Drydocks World - Dubai”) filing for Decree 57 on 1 April 2012, Drydocks World has confirmed that its restructuring remains on track and has the support of its lenders to its restructuring proposals by Q3 2012.

Although Drydocks World Dubai today notified its Creditors and members that it has requested an adjournment of the Decree 57 Directions Hearing scheduled to take place in the DIFC on the 7th May 2012 the adjournment will only lead to a short delay in the process.

The adjournment was requested to allow Drydocks World Dubai and its syndicated facility lenders the additional short period of time required to finalise the complex suite of financial documentation necessary to support the Group’s CVA proposal.  

Khamis Juma Buamim, Chairman of Drydocks World and Maritime World confirmed:
“Since the Group’s filing on 1 April 2012, the Group has continued to progress its restructuring with its lenders and has made further significant progress in concluding all matters.  Nevertheless, a few points remain outstanding.  The business has concluded that taking the short period of time required to close off  these few matters is in the long term  interests of the business, its trading partners and its employees.

‘As you may recall, Drydocks World Dubai’s use of Decree 57 was not a step the business took lightly. Despite today’s adjournment, Decree 57 remains a pragmatic and sensible solution to conclude the Group’s financial restructuring in the near term and the short delay should not have any material impact on the business or its operations.’  

‘Our lenders remain fully supportive of our restructuring proposals and the Group retains the necessary level of support required to effect its restructuring proposals under the Decree 57 rules and the inter-related Singapore Scheme of Arrangement.  

‘For the Group’s many trading partners and its employees who have understandably sought certainty over the Group’s financial future, Decree 57 provides Drydocks World - Dubai with the best possible opportunity of achieving that goal.’


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

People & Company News

USCG Search for Missing Crew of El Faro

Coast Guard search and rescue crews continue searching for possible survivors from the cargo ship El Faro Monday night, covering a total search area of more than 160,574 square nautical miles.

Northern Fleet to Conduct Anti-terrorist Exercises

The sailors of the Northern Fleet will conduct anti-terrorism exercises at Novaya Zemlya. During the exercise, the coast will be a landing. The landing will

ADF’s New Amphibious Capability Demonstrated

Australia’s newest military capability, the Amphibious Ready Element, has demonstrated its capacity in waters off the North Queensland coast during the Sea Series of exercises.


MECNW Appoints New CEO

Terry Weston has been confirmed as Chief Executive of Maritime and Engineering College North West (MECNW) following the retirement of his predecessor, Jim Teasdale, at the end of September.

MacGregor's Deck Machinery for Sentinel Marine ERRV

MacGregor, part of Cargotec, will supply deck machinery for a new 65m emergency rescue & response vessel (ERRV) for Sentinel Marine. The ship has been designed

Maersk to Install Inmarsat's Entertainment Service

The leading provider of global mobile satellite communications services, today announced that Maersk Tankers, the owner and operator of one of the world’s largest fleets of product tankers,


PCCI to Provide Revised Crane Load Chart

PCCI, Inc. of Alexandria, Virginia, was awarded a contract by the Department of Transportation/U.S. Maritime Administration (MARAD) to provide a new, revised

Finland Scraps LNG Terminal Plan

Finnish gas utility Gasum has abandoned its plans to build the Finngulf liquefied natural gas  (LNG) import terminal in Finland with an offshore pipeline connection

Azerbaijan to Get New Passenger Vessel This Year-end

Azerbaijan Caspian Shipping Company  expects to get the first of the three passenger vessels being built currently at the Baku Shipbuilding & Repair Plant (Baku Shipyard LLC) until the end of 2015,


Rolls-Royce to Cut More Staff of Marine Unit

Britain's Rolls-Royce said it would cut an additional 400 staff from its marine business by the end of next year, its latest move to make the unit more efficient

Wärtsilä Debuts Package for hydropower & industrial plant

Wärtsilä Corporation, a global leader in complete lifecycle power solutions for the marine and energy markets, expands into a new market segment, offering a comprehensive package of seals,

Smith Taken on Rolls-Royce Holdings Board

Rolls-Royce Holdings plc today announces the appointment of Sir Kevin Smith CBE as a Non-Executive Director.  Sir Kevin will join the Board with effect from


U.S. Investigators Head to Florida to Probe Ship Lost in Hurricane

Federal safety investigators traveled to Florida on Tuesday to investigate the U.S. container ship lost at sea after being hit by powerful Hurricane Joaquin, leaving

PCCI to Provide Revised Crane Load Chart

PCCI, Inc. of Alexandria, Virginia, was awarded a contract by the Department of Transportation/U.S. Maritime Administration (MARAD) to provide a new, revised

Höegh Names SSL as its Agent in Finland

Höegh Autoliners appointed Scandinavian Shipping & Logistics, which has already worked with the Norwegian ocean carrier in Sweden and Norway for several years, as its agent in Finland, effective Dec.

Maritime Contracts Maritime Security Naval Architecture Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.1834 sec (5 req/sec)