Drydocks World Continues Restructuring

Press Release
Wednesday, March 28, 2012
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.

The Group remains extremely confident that it can secure the necessary support of its syndicated lenders by April 2, 2012, to successfully implement its restructuring, according to Khamis Juma Buamim, Chairman, Drydocks World and Maritime World.

 


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