Following on from Drydocks World Dubai LLC and Drydocks World LLC (together the “Drydocks World - Dubai”) filing for Decree 57 on 1 April 2012, Drydocks World has confirmed that its restructuring remains on track and has the support of its lenders to its restructuring proposals by Q3 2012.

Although Drydocks World Dubai today notified its Creditors and members that it has requested an adjournment of the Decree 57 Directions Hearing scheduled to take place in the DIFC on the 7th May 2012 the adjournment will only lead to a short delay in the process.

The adjournment was requested to allow Drydocks World Dubai and its syndicated facility lenders the additional short period of time required to finalise the complex suite of financial documentation necessary to support the Group’s CVA proposal.

Tags: Drydocks World