March 14, 2012 / 5:58 AM / 7 years ago

Hedge fund says won $72 mln claim against Dubai's Drydocks

DUBAI (Reuters) - A U.S.-based hedge fund said it has won a 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 DBWLD.UL, has been ordered to pay the entirety of the sum of £45.5 million ($71.6 million) claimed plus Monarch’s legal costs.

“We are pleased with the judgment and fully confident in our position,” a Monarch spokesperson said in an emailed statement.

Khamis Juma Buamim, Drydocks World chairman, when asked how the judgment would affect its restructuring, said:

“As made clear at all lender meetings, the company is confident that it can still implement its restructuring if it transpires that Monarch do not accept the terms on offer.”

“But I would very much hope that notwithstanding their legal action Monarch will accept the very reasonable restructuring proposal.”

Reporting by Praveen Menon and Mirna Sleiman, Editing by Matt Smith

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