US hedge fund wins $72m claim against Dubai's Drydocks

15 March 2012

US-based hedge fund Monarch Alternative Capital has won a $72m legal claim against Drydocks, a unit of Dubai World, for defaulting on a loan, Reuters has reported. Monarch had filed a lawsuit against Drydocks last year in the High Court of London casting a blow to the restructuring talks. Drydocks proposed repaying creditors in five years one week ago and said it was seeking more working capital as it tried to restructure a $2.2bn loan facility, ending lengthy and complex debt talks.

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