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Drydocks World edges closer to restructuring.

Following on from Drydocks World's formal launch of its restructuring proposal at its all lender meeting in Dubai on 8 March 2012, Drydocks World (DDW) has signed a lock-up agreement, which aims to formally secure its lenders' support.

According to a statement on the Group's website, "having had time to consider the Group's proposals since 8 March 2012, 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."

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

DDW formally launched its restructuring proposal at a meeting of all its lenders in Dubai on 8 March 2012.

DDW exceeded its budget in 2011 - the actual EBITDA for CY 2011 for Drydocks showed an increase of 65 per cent increase over budget.

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Publication:CPI Financial
Date:Mar 29, 2012
Words:181
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