Wednesday 14 March 2012

UPDATE 1-U.S. hedge fund wins claim against Dubai's Drydocks | Reuters

A U.S.-based hedge fund said it has won a $72 million legal claim against Dubai's Drydocks World for defaulting on a loan, putting the ship builder's $2.2 billion debt restructuring in further trouble .

Monarch Alternative Capital said in an emailed statement that Drydocks, a unit of Dubai World, has been ordered to pay the entirety of the sum of £45.5 million ($71.6 million) claimed plus Monarch's legal costs.

Monarch sued Drydocks last year in the High Court of London casting a blow to the restructuring talks.

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