Dubai's drydocks world, owner of the Middle East's largest shipyard, will ask creditors to amend the terms of its US$2.3bn restructuring deal originally signed in 2012. The move comes as Dubai World, a state-owned conglomerate which is also Drydocks' parent company, is close to finalising a revision of its own US$14.6bn debt pile which stems from loans renegotiated in the wake of the emirate's financial crisis at the turn of the decade. Drydocks may be hoping Dubai World's success in reshaping its repayment schedule, combined with Dubai's resurgent economy and ample liquidity in the local banking sector, will help persuade creditors to grant it a revision.
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