View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
January 26, 2011

Drydocks World to Restructure Debt

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.

By cms admin

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.”

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Ship Technology