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Dubai Drydocks loan deal ‘unlikely in 2011’

Drydocks World, a unit of Dubai World, has announced it is unlikely to reach a restructuring agreement with lenders over a $2.2bn loan which was expected to be completed by the end of April, Reuters has reported. Khamis Juma Buamim, chairman of Drydocks World has clarified that discussions with banks are still ongoing and it has not been completed yet.