Following on from Drydocks World’s formal launch of its restructuring proposal at its all lender meeting in Dubai on 8 March 2012, the Group has taken one step nearer to successfully concluding its restructuring by signing a lock-up agreement intended to formally secure its lenders support.

Having had time to consider the Group’s proposals since 8 March 2012, over the coming days the Group’s syndicated facility lenders will be asked to sign up to the lock-up agreement and hence formally confirm their support for the Group’s proposals.

The Group remains extremely confident it can secure the necessary support of its syndicated lenders by 2 April 2012 to successfully implement its restructuring, according to Khamis Juma Buamim, Chairman, Drydocks World and Maritime World.

Tags: Drydocks World