(Corrects claim figure in headline and second para to $45.5 mln after Monarch Capital corrects statement)
DUBAI, MARCH 14 - DUBAI, March 14 (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 rest ructuring in further trouble.
Monarch Alternative Capital said in an emailed statement that Drydocks, a unit of Dubai World, has been ordered to pay the entirety of the sum of $45.5 million claimed plus Monarch’s legal costs.
“We are pleased with the judgement and fully confident in our position,” a Monarch spokesperson said in an emailed statement.
Khamis Juma Buamim, Drydocks World chairman, when asked how the judgement would affect its restructring, 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)