Wednesday, 2 December 2015
Last updated 7 hours ago
Mar 14 2012 | 1:39pm ET
Hedge fund Monarch Alternative Capital has put the future of Dubai-based Drydocks World in doubt with a US$72 million-plus court victory in London.
The High Court of London has ordered the Dubai World unit to pay Monarch £45.5 million, as well as its legal costs. Monarch had accused Drydocks of defaulting on a loan.
The legal victory, trumpeted by Monarch, puts Drydock's debt restructuring on the rocks. The company is trying to restructure a US$2.2 billion loan facility, and just last week offered to repay creditors over five years.
Drydocks World Chairman Khamis Juma Buamim told Reuters that he "would very much hope that, notwithstanding their legal action, Monarch will accept the very reasonable restructuring proposal." But, he said, "the company is confident that it can still implement its restructuring if it transpires that Monarch do no accept the terms on offer."
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…