Dubai shipbuilder wins debt restructuring support
Source: AP-Excite
By ADAM SCHRECK
DUBAI, United Arab Emirates (AP) - Dubai's DryDocks World has secured support from a significant majority of creditors to implement its $2.2 billion debt restructuring, the state-owned shipyard operator said Saturday.
The company, a division of the emirate's debt-laden Dubai World conglomerate, has been in talks with lenders for months to hammer out new terms on the debt. It didn't provide details of the revised repayment terms or say how many lenders agreed to the deal.
While it has sufficient support to implement the restructuring, a "small minority" of lenders have not signed on to the plan, the company said.
"The group has always sought the support of all its syndicated lenders and its proposals were designed to achieve that," Chairman Khamis Juma Buamim said in a statement. "The group remains confident the absence of support from this minority will have no impact on the ... restructuring."
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