Drydocks World wins support for restructuringCompany News // April 10, 2012
Following on from Drydocks World - Dubai LLC and Drydocks World LLC (together the Drydocks World Dubai) filing for Decree 57 on 1 April 2012, Drydocks World has confirmed that overwhelming majority of its lenders formally support its proposals to enable it to successfully implement its restructuring.
This process will have no effect upon the on-going operations of Drydocks World, its clients, suppliers or employees. It will be business as usual during the process and going forward once the restructuring is effective.
Khamis Juma Buamim, Chairman of Drydocks World and Maritime World confirmed: "Drydocks Dubaiís use of Decree 57 to help it conclude its restructuring is ground-breaking and was not a step the business took lightly.
"It is a pragmatic and sensible solution with the crucial ability of allowing a fiancial restructuring to take place without adversely impacting the business, its operations or its people."
"The business believes strongly in commercial fundamentals of seeking to do whatís right for its customers, suppliers and employees and all its stakeholders.
"Consequently, the business took the view that the will of the vast majority of its syndicated lenders to support its proposals, should override the disappointing response from an insignifcant minority of its syndicated lenders who to date have failed to support the companyís proposals.
"This lack of support is not in the interests of the business, its operations, its future or its people. It is a decision they have taken for their own reasons. Their lack of support makes no difference to Drydocks Dubaiís ability to conclude its restructuring.
"The overwhelming support Drydocks World - Dubai has for its proposals should enable it to rapidly implement its debt restructuring. Once implemented, the business should be well placed to progress its strategic ambitions, secure in the knowledge that it is on a firm financial footing."