Drydocks World - Dubai gets restructuring boost
Drydocks World – Dubai has confirmed that its restructuring remains on track for completion in Q3 2012 after finallty holding the Decree 57 Directions Hearing this week.
On May 7, Drydocks World - Dubai adjourned its scheduled Directions Hearing to allow it and its syndicated facility lenders the additional short period of time required to finalise the suite of financial documentation necessary to support Company Voluntary Arrangement (CVAs) restructuring proposals.
“The re-scheduled Directions Hearing was effective, and the Tribunal granted Drydocks World - Dubai permission to convene the meetings of those creditors and equity interest holders who will be affected by the Company Voluntary Arrangement which only impacts the impaired lenders under the Group’s historic syndicated facilities of 2008, to vote and approve the Company proposal,” said Khamis Juma Buamim, chairman drydocks world and maritime World.
If the CVAs are approved by the required majorities, the Tribunal will be asked to sanction the CVAs at the post arrangement hearing scheduled to take place in Dubai in late August. Should the Tribunal sanction the Company Voluntary Arrangement; the Dubai restructuring will become effective.
The implementation of the CVAs is being progressed concurrently with the Drydocks World - Singapore Schemes of Arrangement with the intention that they become effective in or around the same time. The Singapore Schemes of Arrangement will facilitate the release of the obligations of SEA companies to enable the Group to give effect its plans to restructure its overall indebtedness.