Tuesday, Apr 03, 2012
DUBAI (Zawya Dow Jones)--Dubai-based Drydocks World has secured the support of creditors holding 87% of its debt for a $2.2 billion restructuring plan, and hopes to raise the level to 94% within a week, according to an official at professional services firm PwC which is advising Drydocks on the restructuring.
But U.S. hedge fund Monarch Capital is not expected to drop its opposition to the restructuring deal, PwC partner Ian Schneider added.
Drydocks on Monday said it plans to resorted to court action to push through its debt restructuring proposal, after some lenders including Monarch Capital opposed the plan. Drydocks is making use of the Dubai World Tribunal and Decree 57, legislation that was passed in 2009 to deal with disputes related to the restructuring of Dubai World, which owns Drydocks.
"At the moment the value is over 87% and is expected to rise above 94% within a week," Schneider said. He is one of three PwC partners appointed Sunday by Drydocks as nominees for its Decree 57 filing.
-By Nicolas Parasie, Dow Jones Newswires; +9714 446-1681; nicolas.parasie@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
03-04-12 1338GMT
