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CORRECTED-(OFFICIAL)-U.S. hedge fund says won $45.5 mln claim against Dubai's Drydocks
March 14, 2012 / 11:58 AM / 6 years ago

CORRECTED-(OFFICIAL)-U.S. hedge fund says won $45.5 mln claim against Dubai's Drydocks

(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)

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