Drydocks restructuring remains on track for Q3

Drydocks World, a ship-building unit of Dubai World, has confirmed that its restructuring remains on track for completion in the third quarter of the year. On 7 May, Drydocks World-Dubai adjourned its scheduled Directions Hearing to allow it and its syndicated facility lenders the additional short period of time required to finalise the complex suite of financial documentation necessary to support Company Voluntary Arrangement (CVAs) restructuring proposals. “Today the re-scheduled Directions Hearing was effective, and the Tribunal granted Drydocks World - Dubai permission to convene the meetings of those creditors and equity interest holders who will be affected by the Company Voluntary Arrangement (CVAs) which only impacts the impaired lenders under the Group’s historic syndicated facilities of 2008, to vote and approve the Company proposal on July 10th 2012,” said Khamis Juma Buamim, chairman Drydocks World and Maritime World.