Drydocks World takes step closer to conclude restructuring

Dubai, March 29, 2012 (WAM) - Drydocks World said it had taken one step nearer to successfully concluding its restructuring by signing a lock-up agreement intended to formally secure its lenders support. This follows Drydocks World's formal launch of its restructuring proposal at its all lender meeting in Dubai on 8 March 2012, the Group said in an emailed press release. "Having had time to consider the Group's proposals since 8 March 2012, over the coming days the Group's syndicated facility lenders will be asked to sign up to the lock-up agreement and hence formally confirm their support for the Group's proposals," it added. The Group further said it "remains extremely confident it can secure the necessary support of its syndicated lenders by 2 April 2012 to successfully implement its restructuring, according to Khamis Juma Buamim, Chairman, Drydocks World and Maritime World." - Emirates News Agency, WAM