Dubai World on Tuesday night said Drydocks World and its subsidiaries will not be included in the proposed restructuring process for Dubai World and its real estate related subsidiaries.

“Drydocks World has been in constructive dialogue with its lenders for
several months and its financial profile does not require it to be
included in the more wide-ranging restructuring process envisaged in
last week’s announcement,” Dubai World said in an e-mailed statement.

“Drydocks World has to date reacted promptly to the challenges of the
global economic slowdown, which have impacted the shipping sector
globally. The company has implemented extensive operational
improvements over the past year. Drydocks World continues to have
sufficient financial capacity to service its debt and remains well
positioned to take advantage of the expected improvements in the ship
building and offshore industries in the coming years.”

The announcement comes two weeks after Dubai Government announced
restructuring of Dubai World – its largest holding company – and a week
after it said, the restructuring will involve $26 billion of the $59
billion debt obligations.

Drydocks World is a leading international player in ship repair,
shipbuilding, rig building, ship conversion, offshore fabrication and
fleet operations with facilities across the Middle East and Southeast
Asia.

Source: GulfNews

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