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Syndicated Lenders News

14 Sep 2020

Court Orders Seizure of GP Global's Oil Tanker Over Loan Default

An Indian court has ordered the seizure of a tanker belonging to Dubai-based oil trading firm GP Global after a petition from UAE lender National Bank of Fujairah over a loan default, a court document showed.The Gujarat High Court directed the authorities of Pipavav Port on Sept. 9 to seize the company's bunkering tanker, GP B3, and detain it until a further court order or until the outstanding loan amount of just over $2 million is paid, a court document seen by Reuters shows. The next hearing is on Sept. 17.GP Global said last month it had appointed restructuring experts after failing to reach a deal with its lenders over debt restructuring.

04 Apr 2012

Dubai Shipyard in Debt, Seeks Court Protection

Dubai's shipyard operator, Drydocks World has filed a claim with a special tribunal set up in the Emirate to allow restructuring after it failed to secure the backing of all its creditors. Drydocks World's debt is around US$2.2 billion. “We take this step to protect the interests of the vast majority of the group's syndicated lenders, the clients, suppliers and wider stakeholders who continue to support the business throughout its restructuring,” said Drydocks World chairman Khamis Juma Buamim.

28 Mar 2012

Drydocks World Continues Restructuring

Drydocks World is 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.

01 Mar 2012

Drydocks World Confident of Restructuring its Debt

Dubai - Drydocks World LLC (DDW) has been in dialogue with its core group of lenders since late 2011 to develop a proposal for the restructuring of its debt obligations under its $2.2 billion syndicated facility. With the support of its wider stakeholders, significant progress has been made over recent months in all aspects of the restructuring. As a result, DDW can today announce that it is confident that it will receive the support of a majority of its syndicated lenders to the terms of its debt restructuring. Consequently, on March 8, 2012, DDW will present the terms of its proposal and the steps required to implement it, along with the associated timeline to all its syndicated lenders.