Drydocks World edges closer to restructuring.
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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