Drydocks World LLC, owner of the Middle East’s biggest shipyard in Dubai, is “confident” it can complete a $2.2 billion debt restructuring even after a hedge fund won a $45.5 million claim against it in a London court.
New York-based Monarch Alternative Capital LP, a company that invests mainly in distressed debt, won the claim against Drydocks in the High Court of Justice on Feb. 28, Monarch spokesman Jeremy Fielding confirmed in an e-mailed response to questions from Bloomberg News today. A unit of Monarch filed the claim against Drydocks in October.
“I would very much hope that, notwithstanding their legal action, Monarch will accept the very reasonable restructuring proposal,” Drydocks Chairman Khamis Juma Buamim said in response to e-mailed questions today. The company, a unit of state-owned Dubai World, “is confident that it can still implement its restructuring if it transpires that Monarch do not accept the terms on offer.”
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