Arab Today, arab today drydocks world gets big majority lender support
Last Updated : GMT 01:07:51
Arab Today, arab today
Arab Today, arab today

Drydocks World gets big majority lender support

Arab Today, arab today

Arab Today, arab today Drydocks World gets big majority lender support

Dubai - Arabstoday

Drydocks World – Dubai, a shipbuilding and repair conglomerate, confirmed on Thursday that “an overwhelming majority of its lenders” backed its $2 billion debt restructuring bid. The confirmation about the huge support from lenders came in the wake of the company filing a claim with a special Dubai tribunal for insolvency protection from creditors by invoking ‘Decree No 57’ issued by Dubai Ruler in 2009. In a statement, Drydocks World said the process would 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, said Drydocks Dubai’s 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 financial restructuring to take place without adversely impacting the business, its operations or its people,” he said. Buamim said “the business believes strongly in commercial fundamentals of seeking to do what’s 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 insignificant minority of its syndicated lenders who to date have failed to support the company’s 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 Dubai’s ability to conclude its restructuring.” He said 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. Early this week, Buamim said the decision to file the notifications with the Dubai World Tribunal was taken “to protect the interests of the vast majority of the group’s syndicated lenders, the clients, suppliers and wider stakeholders who continue to support the business throughout its restructuring, and who will continue to support it for years to come”. The tribunal was set up in the wake of Dubai’s 2009 debt crisis as part of new legal procedures meant to govern the restructuring of Dubai World debts. A panel of three judges from Britain and Singapore presides over the Dubai World Tribunal. The Government of Dubai developed Decree No. 57 to allow groups such as Drydocks World – Dubai, a Dubai World Group subsidiary, to implement a restructuring where its proposals had the support of a significant majority of its lenders, but where it does not have the requisite 100 per cent buy-in needed to implement its plans successfully.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today drydocks world gets big majority lender support Arab Today, arab today drydocks world gets big majority lender support

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Leader Omar Abdel Rahman dies in US prison

GMT 19:00 2017 Sunday ,19 February

Leader Omar Abdel Rahman dies in US prison
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 05:26 2017 Sunday ,19 February

US natural gas market tightens

GMT 05:06 2017 Sunday ,19 February

Merkel: Euro is too low for Germany

GMT 04:58 2017 Sunday ,19 February

Swedish PM: Brexit deal in 2 years is unlikely

GMT 20:02 2017 Saturday ,18 February

Gold edges higher as global equities lose momentum

GMT 10:20 2017 Thursday ,16 February

New Zealand's Spark rings up interim profit rise
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday