A couple of subsidiaries have no money to pay US$ 4.7 million for supplies. Owned by the ship repair unit of the emir of Dubai’s investment conglomerate, the companies failed several times to meet their financial obligations. In January, talks with lenders began to restructure a US$ 2 billion loan.

Singapore (AsiaNews/Agencies) – Drydocks World Singapore Pte and Labroy Shipbuilding & Engineering Pte have failed to pay their suppliers. Both companies belong to Drydocks World LLC, the ship repair branch of Dubai World. For the past year, the Dubai state-owned company has been trying to restructure US$ 24.9 billion of its debt.

In recent weeks, Drydocks’ two Singapore units refused to pay US$ 4.7 million for goods sold and delivered between May and December, this according to the complaints filed with the Singapore High Court by Beng Hui Marine Electrical Pte, Hoe Seng Huat Pte and Z-Power Automation Pte. Neither filed a defence to the lawsuits.

Drydocks in January said it was entering talks with its lenders to restructure a US$ 2 billion loan.

Dubai World shook credit markets in November 2009 when it sought to delay payments on its estimate debt of US$ 59 billion. The company is set to sign a deal to restructure US$ 25 billion of its debt within a week, Chairman Sheikh Ahmed bin Saeed Al Maktoum said yesterday.

• dubai
• world
• Singapore
• ship
• repair
• companies
• default
• loans