Dubai World's shipbuilding unit reshuffles board

Dubai has named a new board for Drydocks World, the shipbuilding unit of state-owned conglomerate Dubai World, the government said on Monday. The shipbuilder's chief executive, Geoffrey Taylor, told Reuters earlier on Monday that the company was in talks with banks to restructure $1.7bn in debt maturing in November 2011. A top body supervising Dubai World named Khamis Jumaa Buamim, a top Dubai Petroleum official, as chairman of Drydocks World, a government statement said. The new board also includes Taylor, Hamed Mohammed Mattar bin Lahej, Ahmed Eissa Hareb Al Falahi and Khaled Ahmed bin Turkiya, it said. It did not give the names of the outgoing board members. Taylor told Reuters earlier on Monday that Drydocks World was engaged in "useful and open discussions" with banks and expected to conclude talks over the next few months. Drydocks World is not included in a debt restructuring proposal by its parent company Dubai World, which reached a deal with its core lenders to restructure $23.5bn in debt earlier in mid-May.