Dubai's ship building unit Drydocks World has secured the necessary level of support from its syndicated lenders to implement the restructuring of its $2.2 billion (Dh8.08bn) debt, the company said in a statement on Saturday.
The Dubai World unit said a "significant majority" of the Group's lenders had formally confirmed their support for the restructuring. However, a small minority is yet to confirm support, it added.
The company did not specify what percentage of lenders needed to agree for it to go ahead with the restructuring proposal.
"The Group remains confident the absence of support from this minority will have no impact on the group's restructuring," said the chairman of Drydocks World, Khamis Juma Buamim, in the statement.
It said last week that it hoped to secure lenders support by April 2.
Drydocks World has been in negotiations to restructure its loan facility in an effort to put an end to lengthy and complex debt talks.
Earlier this month, the company proposed repaying creditors in five years and said it was seeking more working capital.
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
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