Drydocks World, which is testing a form of insolvency protection drawn up in response to Dubai's 2009 debt crisis, has 87 percent of creditors signed up to its proposed restructuring plan, an external advisor said on Tuesday.
But one hedge fund, US based Monarch Alternative Capital, which won a $45.5m legal claim against Drydocks in March for defaulting on a loan, is unlikely to accept the plan, Ian Schneider of PricewaterhouseCoopers (PwC) said.
"I remain sceptical that Monarch will agree to the deal," Schneider told reporters.
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