15 Mar 2012
(MENAFN) Dubai Drydocks World recently lost a USD45.5 million claim case against Dubai Monarch Alternative Capital, a New York based hedge fund, Gulf News reported.
Last October, Monarch filed a legal suit against Dubai Drydocks for USD45.5 million in UK for defaulting on a financial obligation.
The hedge fund said that the London’s High Court ordered the Dubai ship-builder firm to pay the entire sum claimed in addition to Monarch’s legal costs.
Despite the legal action, Dubai Drydocks expects Monarch to accept the restructuring proposal it has put forward to its lenders.
Analysts said the judgment is a setback to the shipbuilder’s efforts to restructure its USD2.2 billion debt obligations and it could delay an acceptable solution to all parties involved.
13 Aug 2025
BBK’s BD 5,000,000 Al Hayrat scheme awards BD 680,000 to 390 Al Hayrat winners in August and September
04 Aug 2025
HM the King’s Support for Youth is an Inspirational Model for Their Empowerment Journey
28 Jul 2025
BBK discloses its financial results for the half year ended 30th June 2025
20 Jul 2025
CBB approves the transfer of the retail banking operations of HSBC Bank Middle East, Bahrain Branch to BBK
08 Jul 2025
BBK proudly launches the third edition of “Grow” and welcomes 20 Bahraini graduates
03 Jul 2025
BBK hosts executive leadership session on digital assets in collaboration with Rain
02 Jul 2025
BBK launches the largest-ever Al Hayrat Prizes, offering BD 5 million to over 2,000 winners
16 Jun 2025
BBK and CrediMax Offer Exclusive 20% Discount on Turkish Airlines Flights for Cardholders
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more