Middle-east Arab News Opinion | Asharq Al-awsat

Dubai World unit acknowledges creditor suit - ASHARQ AL-AWSAT English Archive
Select Page

DUBAI, United Arab Emirates (AP) — A shipbuilding division of troubled state conglomerate Dubai World says it’s committed to restructuring its debts and regrets that one of its creditors is taking it to court over late payments.

The unit, DryDocks World, said Tuesday it is “working diligently” with lenders to hammer out a debt restructuring. The company has been in talks for months to win new terms on $2.2 billion in debt.

The Financial Times reported that DryDocks World creditor Monarch Alternative Capital is suing the company in Britain, seeking the repayment of about $45.4 million.

DryDocks World says it is considering how to respond to the legal challenge, which it says is “regrettable.”

Monarch couldn’t be reached for comment.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

More Posts

Follow Me:
FacebookGoogle PlusYouTube