Drydocks World (DDW), the shipbuilding arm of Dubai World, has secured a $200 million loan, Reuters reports. The new credit facility, which was provided by seven of Drydocks’s existing lending banks, is available until April 30, 2011, adds The National.
The state-run company plans to use the proceeds to provide working capital instruments. DDW is also in talks with representatives of its lenders to amend the terms of its core syndicated debt facility and for the provision of new long term working capital facilities.
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Click here for additional coverage from The National.