Monday, May 31, 2010

Dubai Debt Rescheduling Watch: Drydocks and Maritime World to Restructure US$1.7 Billion

GulfNews reports that there's a new board at Drydocks and Maritime World and that the Company is in talks with its banks to restructure some US$1.7 billion maturing this November.

The new board comprises Hamed Mohammad Mattar Bin Lahej, Ahmad Eisa Hareb Al Falahi, Khalid Ahmad Bin Turkiya, and Geoffrey Taylor.  Taylor will be CEO.
"We are going through a process of discussions with the banks to restructure our $1.7 billion loan ... Obviously the market changes which occurred significantly slowed down our ability to meet our original schedules," said Taylor.

"We are going through a restructuring process," he added.

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