DUBAI, April 4 Dubai World's
shipbuilding unit has gotten 98 percent of creditors signed up
to its $2.2 billion restructuring plan with all but one agreeing
to the terms, its chairman said.
Drydocks World said this week it will use a special
tribunal, set up in response to Dubai's 2009 debt crisis, to
force recalcitrant creditors to take up its debt plan after
some, including hedge funds, resisted the deal.
"We have got approvals from 98 percent of the creditors. It
now looks like only one creditor remains," Khamis Juma Buamim
told Reuters, declining to name the holdout.
On Tuesday, the firm's external advisor said U.S. based
hedge fund Monarch Alternative Capital, which won a $45.5
million legal claim against Drydocks in March for defaulting on
a loan, is unlikely to accept the plan.
Monarch did not respond to queries seeking comment.
Drydocks has been in lengthy talks to restructure its loan
facility and last month proposed repayment in five years.
The special tribunal process, created under Decree 57 issued
by Dubai's ruler, requires 100 percent consent from creditors
for a plan to be adopted.
But there is an option which can force dissenters to accept
the plan once creditors holding 75 percent of the debt agree to
it - a level Drydocks had reached before it began legal
(Reporting by Praveen Menon; Editing by Amran Abocar)