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Dubai's Drydocks expects debt agreement by April 2
Dubai's ship building unit Drydocks World will ask its syndicated lenders to sign a lock-up agreement over coming days and is confident it can secure their support by April 2, the company said in a statement on Wednesday.
March 28, 2012 4:53 by kippreport
The Dubai World unit is in negotiations to restructure a $2.2 billion loan facility in an effort to put an end to long-drawn and complex debt talks.
The firms debt restructuring, initially expected to be completed by April last year, has dragged on as the presence of hedge funds and a lack of government support curbed prospects of an amicable deal. (Reporting By Nour Merza; Editing by Praveen Menon)