Press Trust of India / Dubai Dec 09, 2009, 15:17 IST
Dubai's indebted conglomerate Dubai World has said its ship building firm Drydocks World and its subsidiaries will not be included in the proposed restructuring plan.
Drydocks World has been in constructive dialogue with its lenders for several months and its financial profile does not require it to be included in the more wide-ranging restructuring process envisaged in last week's announcement, a company statement released by the group yesterday said.
Dubai World met its main creditors on Monday to discuss its request to delay repayment of $26 billion in loans.
"Drydocks World has to date reacted promptly to the challenges of the global economic slowdown, which have impacted the shipping sector globally. The company has implemented extensive operational improvements over the past year. Drydocks World continues to have sufficient financial capacity to service its debt and remains well positioned to take advantage of the expected improvements in the ship building and offshore industries in the coming years," the statement said.
Drydocks World is a leading international player in ship repair, shipbuilding, rig building, ship conversion, offshore fabrication and fleet operations with facilities across the Middle East and Southeast Asia.
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