Drydocks World unlikely to seal deal in 2011

$2.2 billion deal with lenders may not be reached this year.
Dubai, Logistics, Middle east, Ports, NEWS

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Drydocks World has said a proposed US$2.2 billion loan deal with lenders which was expected to be completed by the end of April, may not be reached this year, Reuters reports.

"Discussions with banks are still ongoing and it has not been completed yet," Khamis Juma Buamim, chairman of Drydocks World told Reuters on Tuesday.

When asked if he was confident an agreement would be struck before the loan comes due in November, he could not confirm.

Dubai World's shipbuilding unit is restructuring a $2.2 billion facility taken in October 2008.

The loan comprises a $1.7 billion three-year loan and a five-year $500 million loan, Reuters reports.

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