Dubai's Drydocks World: Restructuring Remains On Track For 3Q Completion

Tuesday, Jun 05, 2012

DUBAI (Zawya Dow Jones)--Drydocks World, a ship-builder owned by government-controlled conglomerate Dubai World, said Tuesday its $2.2 billion debt restructuring remains on track to be completed in the third quarter of the year.

The company said its hearing before the Dubai World Tribunal, a special body set up to handle legal matters connected to Dubai World and its subsidiaries, held earlier Tuesday and related to its Singapore business had proved fruitful. The hearing had been delayed in May.

"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 10 2012," said Khamis Juma Buamim, the chairman of Drydocks World and Maritime World.

Drydocks filed a case in the Dubai World tribunal in April to push through full consent for its restructuring. Most of the company's creditor banks have already agreed to the deal.

-By Nicolas Parasie, Dow Jones Newswires; +9714 446-1681; nicolas.parasie@dowjones.com; Twitter: @ZDJnews

(END) Dow Jones Newswires

05-06-12 0843GMT