Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Dubai- Drydocks World winss majority support to implement its restructuring  Join our daily free Newsletter

MENAFN - Emirates News Agency (WAM) - 08/04/2012

No. of Ratings : 0
Digg This Article: http%3a%2f%2fwww.menafn.com%2fmenafn%2fqn_news_story_s.aspx%3fstoryid%3d1093501445 Share This Article: http%3a%2f%2fwww.menafn.com%2fmenafn%2fqn_news_story_s.aspx%3fstoryid%3d1093501445 Add to Delicious Seed this article Buzz this article Add to Reddit Add to furl Add to stumbleupon Add to Mixx!


 


(MENAFN - Emirates News Agency (WAM)) Drydocks World has confirmed that overwhelming majority of its lenders formally support its proposals to enable it to successfully implement its restructuring.

This process will have no effect upon the on-going operations of Drydocks World, its clients, suppliers or employees. It will be business as usual during the process and going forward once the restructuring is effective.

Khamis Jumaa Buamim, Chairman of Drydocks World and Maritime World confirmed: "Drydocks Dubai's use of Decree 57 to help it conclude its restructuring is ground-breaking and was not a step the business took lightly.

It is a pragmatic and sensible solution with the crucial ability of allowing a financial restructuring to take place without adversely impacting the business, its operations or its people." The business believes strongly in commercial fundamentals of seeking to do what's right for its customers, suppliers and employees and all its stakeholders. Consequently, the business took the view that the will of the vast majority of its syndicated lenders to support its proposals, should override the disappointing response from an insignificant minority of its syndicated lenders who to date have failed to support the Company's proposals. This lack of support is not in the interests of the business, its operations, its future or its people. It is a decision they have taken for their own reasons.

Their lack of support makes no difference to Drydocks Dubai's ability to conclude its restructuring." The overwhelming support Drydocks World - Dubai has for its proposals should enable it to rapidly implement its debt restructuring. Once implemented, the business should be well placed to progress its strategic ambitions, secure in the knowledge that it is on a firm financial footing.

 






  MENA News Headlines
May 23 2013MENA's investments in power generation projects at USD283b in 2014-2018 ,MENAFN
(MENAFN) The Arab Petroleum Investment Corporation (Apicorp) announced that between 2014 and 2018, investments in power generation projects in the Middle East and North Africa (MENA) region are ...

May 23 2013Bahrain's LIC posts 16.43% climb in 2012's investments to USD760.21m ,MENAFN
(MENAFN) Bahrain's LIC (International) CEO and managing director, R Thamodharan, announced that the insurer's total investments jumped by 16.43 percent in 2012 to USD760.21 million, reported Gulf ...

May 23 2013Bahrain's Asry to execute up to 240 projects in 2013 ,MENAFN
(MENAFN) Arab Shipbuilding and Repair Yard (Asry) CEO, Chris Potter, announced that the Bahraini company will carry out between 220-240 projects during the current year, reported Gulf Daily ...

May 23 2013BP allocates USD2.9b to Rumaila oilfield in 2013 ,MENAFN
(MENAFN) BP assigned USD2.85 billion to improve Rumaila oilfield located in Iraq during 2013, reported Gulf Daily News citing the head of the joint management committee for the field. Raising the ...

May 23 2013Abu Dhabi's Etihad to hire 50 airberlin pilots ,MENAFN
(MENAFN) Etihad Airways will hire over 50 pilots from airberlin, which is going through a restructuring plan, reported Arabian Business. 6 Boeing 737-rated First Officers started the moving ...

May 23 2013Hairdos deployed in Brazil's fight against racism ,AFP
(MENAFN - AFP) Nothing like a good hairdo to fight deeply entrenched racism in one of the world's emerging economic giants. The tools of battle, such as scissors and conditioners, are being ...

May 23 2013Outrage grows over scandal-tainted Malaysia state boss ,AFP
(MENAFN - AFP) Despite earning a civil servant's salary for three decades, Taib Mahmud, the powerful chief minister of Malaysia's Sarawak state, is reputed by critics to be one of Asia's richest ...

May 23 2013Dubai's Damac starts sales of Bay's Edge units ,MENAFN
(MENAFN) Damac Properties stated that it will soon start sales of units at its Burj area project, reported Arabian Business. The Dubai-based company's 22-storey Bay's Edge tower consists of 220 ...

May 23 2013Islamic Development Bank Agrees to Increase Its Capital to $ 150 Billion ,Qatar News Agency
(MENAFN - Qatar News Agency) The Board of Governors of Islamic Development Bank Group approved at the conclusion of its annual meetings in the Tajik capital of Dushanbe today the increase of the ...

May 23 2013China's Manufacturing Slows to 7-Month Low ,Qatar News Agency
(MENAFN - Qatar News Agency) China's manufacturing activity fell into contraction for the first time since October, a preliminary survey from the HSBC showed Thursday. Figures released by HSBC ...

more...


 
Click to Apply






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help