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Dubai Drydocks World loses USD45.5m claim case

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.

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