Having outlined the major terms of its debt restructuring last week to its coordinating bank group, DDW formally launched its restructuring proposal at a meeting of all its lenders in Dubai on 8 March 2012, the Company said on Sunday.
“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 CY 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 CY 2012 with a higher EBITDA than budgeted.
Furthermore, the company has won contracts totaling USD255m 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.
Drydocks World’s Dubai shipyard is one of the most prolific shipyards in operation. The shipyard is the largest facility in the Middle East and is the flagship company of Dubai World subsidiary Drydocks World. A ship repair yard of choice, it is also the preferred location for vessel conversions, new building and offshore construction.