Sunday, 21 September 2014
Last updated 2 days 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
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