Dubai's Drydocks World sets up Asia joint venture

SINGAPORE (Reuters) - A company linked to Malaysian billionaire Robert Kuok is close to a deal to buy a majority stake in the Southeast Asia operation of Dubai shipbuilder Drydocks World, two sources said on Tuesday.

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Dubai's shipyard operator DryDocks World has filed a claim with a special tribunal in the city-state as part of an effort to push forward its $2.2 billion debt restructuring.

Dubai's DryDocks World has secured support from a significant majority of creditors to implement its $2.2 billion debt restructuring, the state-owned shipyard operator said Saturday.

DUBAI, MARCH 14 - A U.S.-based hedge fund said it has won a $45.5 million legal claim against Dubai's Drydocks World for defaulting on a loan, putting the ship builder's $2.2 billion debt restructuring in further trouble. Monarch Alternative Capital said in an emailed statement that Drydocks, a unit of Dubai World , has been ordered to pay the entirety of the sum of $45.5 million claimed plus Monarch's legal costs. Monarch sued Drydocks last year in the High Court of London casting a blow to the restructuring talks. ...

DUBAI, MARCH 14 - A U.S.-based hedge fund said it has won a $72 million legal claim against Dubai's Drydocks World for defaulting on a loan, putting the ship builder's $2.2 billion debt restructuring in further trouble. Monarch Alternative Capital said in an emailed statement that Drydocks, a unit of Dubai World , has been ordered to pay the entirety of the sum of £45.5 million ($71.6 million) claimed plus Monarch's legal costs. Monarch sued Drydocks last year in the High Court of London casting a blow to the restructuring talks. ...

DUBAI (Reuters) - A potential $2.2 billion debt restructuring for Drydocks World, the shipbuilding arm of indebted Dubai World , is seen facing tough headwinds with the presence of hedge funds and a lack of government aid seen threatening an amicable deal.

DUBAI (Reuters) - A U.S.-based hedge fund said it has won a legal claim against Dubai's Drydocks World for defaulting on a loan, putting the ship builder's $2.2 billion debt restructuring in further trouble. Monarch Alternative Capital said in an emailed statement that Drydocks, a unit of Dubai World , has been ordered to pay the entirety of the sum of £45.5 million ($71.6 million) claimed plus Monarch's legal costs. "We are pleased with the judgment and fully confident in our position," a Monarch spokesperson said in an emailed statement. ...