Saturday, 28 March 2015
Last updated 1 day ago
Oct 19 2011 | 9:52am ET
U.S.-based hedge fund Monarch Alternative Capital is suing Dubai’s Drydocks World for $45.5 million in London’s High Court.
Drydocks World, the ship-repair unit of Dubai World, defaulted on its loans in August. A filing with the court states the company has been in talks about restructuring its $2.2 billion in debts for over a year, but has failed to reach agreement with its creditors.
The New York-based Monarch, with over $4.5 billion AUM, specializes in distressed debt.
In an email to Bloomberg News, Drydocks said:
“It is regrettable that this one lender alone has decided for unclear reasons to take legal action. The company is currently considering its formal response.”
The Dubai government has warned it may not support Drydocks in restructuring its debt. Mohammed Al Shaibani, the director general of Dubai ruler’s court, said in September that responsibility belongs to the financially troubled conglomerate, Dubai World.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…