Drydocks World to Restructure Debt

26 January 2011 (Last Updated January 26th, 2011 18:30)

Drydocks World (DDW) said it expects discussions about its core debt to end in the coming months. The company, which is the shipbuilding division of bankrupt conglomerate Dubai World, has secured a $200m credit facility to cover ongoing business costs from its lenders.

Drydocks World (DDW) said it expects discussions about its core debt to end in the coming months.

The company, which is the shipbuilding division of bankrupt conglomerate Dubai World, has secured a $200m credit facility to cover ongoing business costs from its lenders.

The Dubai Government said: “DDW is about to enter into discussions with representatives of its lenders to amend the terms of its core syndicated debt facility as well as for the provision of new long-term working capital facilities.”

The Dubai Government said the capital was available for drawing to provide working capital instruments to DDW’s trading counterparties in relation to new and existing contracts.

DDW chairman Khamis Juma Buamim said: “This facility is an important demonstration of the ongoing support for Drydocks World from our key banks.”