Saturday, Mar 31, 2012
DUBAI (Zawya Dow Jones)--Drydocks World, a Dubai-based ship-building and repair company, on Saturday said it secured sufficient support from its lenders to start implementing its $2.2 billion debt restructuring plan.
"As anticipated, over the weekend a number of the group's lenders formally confirmed their support for the group's restructuring proposal," according to an emailed statement from Drydocks.
It added, however, that "a small minority" have yet to confirm their support for the restructuring plan.
"Nevertheless, the group remains confident the absence of support from this minority will have no impact on the group's restructuring," according to Khamis Juma Buamim, chairman of Drydocks World and Maritime World, in the asme statement.
-By Dubai Bureau, Dow Jones Newswires; +9714 446-1686; djnews.dubai@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
31-03-12 0735GMT
