Drydocks World makes formal proposal for debt restructure
Following an outline of major terms of Dubai-based DDW’s debt restructuring last week to its coordinating bank group, the group has now formally launched its restructuring proposal at a meeting of all its lenders.
“The company remains extremely confident it can gain support for its proposals and that it will secure the necessary support of its lenders to successfully implement its’ restructuring. This will leave the group in a strong position to continue to develop and implement its strategic plans,” said Khamis Juma Buamim, chairman of Drydocks World and Maritime World.
The company exceeded its budget in 2011 – the actual EBITDA for 2011 for Drydocks showed an increase of 65% increase over budget. Strong growth has been witnessed by the company over the recent past and at this point in time, Drydocks Dubai expects to close 2012 with a higher EBITDA than budgeted.
DDW says it has now won contracts totaling $255million since the turn of the year which puts it in a strong position to achieve its 2012 business plan, Mr Buamim added. The company envisages the conclusion of restructuring by the middle of the year.
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