Wednesday, Mar 14, 2012
DUBAI (Zawya Dow Jones)--Dubai's Drydocks said on Wednesday it may appeal a court decision that awarded U.S. investment firm Monarch Alternative Capital $45.5 million in damages, adding the ruling won't impact the group's $2.2 billion debt restructuring.
"We haven't decided on the next legal step or measures that we would take and we are leaving that matter to our legal department to follow it up," Khamis Buamim, Drydocks' chairman told Zawya Dow Jones.
His comments come after Monarch Alternative Capital, a New York-based investment firm, said on Wednesday that it won a $45.5 million claim against Dubai's Drydocks World as the latter defaulted on a loan.
"We are pleased with the judgment and fully confident in our position," a spokesperson for Monarch said in an emailed statement.
Monarch, an investment firm with $4.5 billion of assets, sued Drydocks in the London High court last year after the shipyard company defaulted on a loan.
Drydocks World recently said it will present its lenders with a proposal to restructure its $2.2 billion debt, and aims to finalize the restructuring package by July.
"The legal action and the verdict will have no impact on DDW or its restructuring process," Buamim said.
Drydocks is a ship-building and repair company based in Dubai and owned by Dubai World, which in turn is controlled by the government of Dubai. Dubai World finalized a $25 billion debt restructuring in 2011 that didn't include Drydocks.
-By Nicolas Parasie and Leila Hatoum, Dow Jones Newswires; +9714 446-1681; nicolas.parasie@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
14-03-12 1256GMT
