Drydocks World $2.2bn loan deal unlikely in 2011

17 August 2011

Loan was taken in October 2008

Dubai’s Drydocks World says the proposed $2.2bn loan deal with lenders may not be completed this year.

Initially, it was due to be completed by April. The loan is due in November. Drydocks World is a subsidiary of Dubai World.

“Discussions [with banks] are ongoing and it has not been completed yet,” Khamis Juma Buamim, chairman of Drydocks World was quoted as saying in local media.

“I can’t confirm if we will reach a restructuring agreement this year,” says Buamim.

Dubai World’s shipbuilding unit is restructuring a $2.2bn facility that was taken in October 2008. The loan comprises a $1.7bn three-year loan and a five-year $500m loan.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications