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Drydocks World debt revamp likely next month
Wednesday, Mar 16, 2011
Company may launch an IPO or issue bonds
Dubai: Drydocks and Maritime World is expecting to finalise the restructuring of its $2.2 billion (Dh8.09 billion) loan deal by the end of April, according to its chairman, Khamis Juma Bu Amim.
Speaking on the sidelines of Dubai Maritime City’s phase one launch, Bu Amim said most of the headline terms with creditors has been agreed and some still require additional discussion.
?My target for finalisation is April 30 for the restructuring with bank lenders on the $2.2 billion syndicate. We are only looking to restructure the debt and going ahead we will sustain ourselves,? said Bu Amim.
The loan, which dates back to 2007, currently has nine major lenders involved in the restructuring said, Bu Amim. The rest of the debt is made up of small bilateral loans.
The interest on the $2.2 billion has been paid in February and Drydocks is looking to maintain sufficient funds to keep the construction of the second and third phases of Maritime City going without financial aid from the government.
Bu Amim said the company may launch an IPO or issue bonds in the future if needed, but plans to remain self-sufficient this year.
Dubai World last year agreed to restructure its debt of about $25 billion with its creditors.