Drydocks World Confirms Restructuring Remains on Track

(Press Release)
Tuesday, June 05, 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 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. 

“Today the re-scheduled Directions Hearing was effective, and the Tribunal granted Drydocks World - Dubai permission to convene the meetings of those creditors and equity interest holders who will be affected by the Company Voluntary Arrangement (CVAs) which only impacts the impaired lenders under the Group’s historic syndicated facilities of 2008, to vote and approve the Company proposal on July 10th 2012,” said Khamis Juma Buamim, Chairman Drydocks World and Maritime World.

If the Company Voluntary Arrangements (CVAs) are approved by the required majorities, the Tribunal will be asked to sanction the Company Voluntary Arrangement (CVAs) at the post arrangement hearing scheduled to take place in Dubai in late August 2012. Should the Tribunal sanction the Company Voluntary Arrangement; the Dubai restructuring will become effective.

The implementation of the Company Voluntary Arrangement (CVAs) is being progressed concurrently with the Drydocks World - Singapore Schemes of Arrangement with the intention that they become effective in or around the same time. The Singapore Schemes of Arrangement will facilitate the release of the obligations of SEA companies to enable the Group to give effect its plans to restructure its overall indebtedness.
 


People & Company News

MN100: MarineCFO

The Company: Founded in 1992, UA Business Solutions was a pioneer in the field of Enterprise Resource Planning (ERP) and an early Microsoft Partner. The ERP evolution

MN100: All American Marine, Inc.

The Company: All American Marine Inc. was founded in 1987 and specializes in the construction of custom tailored aluminum boats from 30 to 150 feet LOA. Today,

Five Minutes with Paul Switzer

Five minutes with Paul Switzer - Manager, Shipbuilding & Offshore, Viega   For readers not familiar with Viega, please give a ‘birds eye’ view, putting the company

Legal

UASC's Dismal Performance

United Arab Shipping Company (UASC), which is close to merging with Hapag-Lloyd, revealed enormous deficits and a massive debt in its key financial figures, says Alphaliner.

Philippines: Sea Dispute Won't Shift Ties with China, U.S.

The Philippines' territorial dispute with China over the South China Sea has not caused Manila to rebalance diplomatic ties with either its ally, the United States,

Hanjin Shipping to Submit Self-Rescue Plan

South Korea’s Hanjin Shipping is planning on submitting a self-rescue plan to creditors this week to stave off bankruptcy by Aug. 25, reports Korea Herald quoting local media.

Ports

China COSCO falls to H1 net loss

China COSCO Holdings Co Ltd fell to a first-half loss hurt by a persistent slump in the global container market, the world's fourth largest container shipper said on Thursday.

25 Kalmar Forklifts for Algerian Port

Kalmar, part of Cargotec, has received an order for 25 forklift trucks from the Algerian port procurement company, Groupement D'Interêt Commun Des Entreprises Portuaires (GICEP).

New Crane Orders for Huisman

Huisman has secured new crane contracts with a total value of around 300 million Euro from various major offshore, shipping and wind farm installation contractors: •

Finance

China COSCO falls to H1 net loss

China COSCO Holdings Co Ltd fell to a first-half loss hurt by a persistent slump in the global container market, the world's fourth largest container shipper said on Thursday.

Weak Freight Rates push Grindrod to H1 loss

Africa's biggest shipping group Grindrod reported a first-half loss on Thursday, pressured by low global growth and declining dry bulk shipping rates but it expects

Norsepower Secures Funds for World’s Largest Rotor Sail

Norsepower Oy Ltd., today announces that it has been selected to receive €2.6M in funding to further its research and development of the Norsepower Rotor Sail Solution technology.

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Offshore Oil Pipelines Salvage Ship Repair Shipbuilding / Vessel Construction Sonar 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: 0.1182 sec (8 req/sec)