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.
DDW is targeting a completion date of all aspects of its restructuring by July, 2012, according to Khamis Juma Buamim, Chairman of Drydocks World and Maritime World.