Dubai shipbuilding firm eyes end to debt process

Associated Press + More

DUBAI, United Arab Emirates (AP) — Dubai's state-run shipbuilding company says it soon plans to lay out the terms of its $2.2 billion debt restructuring plan and aims to complete the process by July.

DryDocks World and several lenders have been wrangling over the terms of the restructuring for months. It said Thursday it has made "significant progress" on the project and will present its proposed revised repayment terms to all creditors on March 8.

DryDocks World's parent Dubai World sent global markets reeling in 2009 when it acknowledged it couldn't pay back billions it owed. It signed an agreement to restructure some $25 billion in debt last March.

Several of its subsidiaries, including DryDocks World, are pursuing their own debt restructuring separately.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.