Drydocks hopes to get support from most creditors

Dubai : Drydocks World hopes to secure the backing of creditors holding 94 per cent of its debt for a $2.2 billion (Dh8.09 billion) restructuring plan, but doesn't expect to receive support from US hedge fund Monarch Capital, according to an adviser to the company.

Ian Schneider, a partner at professional services firm PwC, said that in the absence of unanimous support, Drydocks will still need to proceed with its filing to the Dubai World Tribunal in order to push through the debt restructuring proposal.

Drydocks on Monday said it resorted to court action after some lenders including Monarch Capital opposed the restructuring plan.

Dispute

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.

Schneider is one of three PwC partners appointed Sunday by Drydocks as nominees for its Decree 57 filing. PwC has also been advising Drydocks on its debt restructuring.