Gulf News reported that Drydocks World LLC plans to pay USD 90 million that is due to trade creditors by the end of April.

Mr Khamis Bu Amim chairman of Drydocks World LLC said that the company has met with its international trade creditors this week and has informed them of the restructuring process that the company is currently undergoing. They were informed that they will be paid by the end of April under the terms of a debt restructuring deal.

Mr Bu Amim said that other obligations are still being investigated and will be paid as long as they prove rightful and compliant with the standards and procedures of the restructuring deal. Meanwhile, Drydocks World is also in talks with its bank creditors about restructuring USD 2.2 billion syndicated loan that dates back to 2007. He hopes to reach an agreement by the end of April.

He said that all the Drydocks World debt being restructured dates back to the period before August 2010 and the company has been self funded since then.

Mr Bu Amim denied reports that Drydocks World is still being sued in the Singapore courts for non-payment of suppliers. The cases have been concluded and a settlement was reached in February. These are old cases of payment orders and are not lawsuits.

He said that Drydocks World and Maritime World a related company for which he is also chairman will be issuing a full statement by tomorrow with a further explanation.

(Sourced from Gulf News)