Drydocks World Confirms Restructuring Remains on Track
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 for completion in Q3 2012. On 7 May, Drydocks World - Dubai adjourned its scheduled Directions Hearing to allow it and its syndicated facility lenders the additional short period of time required to finalise the complex suite of financial documentation necessary to support Company Voluntary Arrangement (“CVAs”) restructuring proposals.
Drydocks World Adjourns Decree 57 Directions Hearing
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.
Drydocks World Continues Restructuring
Dubai, UAE - Following on from Drydocks World’s formal launch of its restructuring proposal at its all- lender meeting in Dubai on March 8, 2012, the Group has taken one step nearer to successfully concluding its restructuring by signing a lock-up agreement intended to formally secure its lenders support. Having had time to consider the Group’s proposals since March 8, over the coming days the Group’s syndicated facility lenders will be asked to sign up to the lock-up agreement and hence formally confirm their support for the Group’s proposals.
