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Drydocks World Asks Lenders to Sign Lock-Up Agreements

March 28 (Bloomberg) -- Drydocks World LLC , which owns the Middle East’s biggest shipyard in Dubai, said it took “one step nearer to successfully concluding its restructuring” by asking lenders to sign a lock-up agreement.

“The group’s syndicated facility lenders will be asked to sign up to the lock-up agreement and hence formally confirm their support for the Group’s proposals,” it said in an e-mailed statement today. “The Group remains extremely confident it can secure the necessary support of its syndicated lenders by 2 April, 2012 to successfully implement its restructuring.”

The company outlined a restructuring proposal for $2.2 billion of debt on March 8.

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To contact the reporter on this story: Arif Sharif in Dubai at asharif2@bloomberg.net

To contact the editor responsible for this story: Inal Ersan at iersan@bloomberg.net

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