Complex Made Simple

Dubai World division remains committed to financial restructuring

DryDocks World has said it regrets the decision by one of its creditors to take a legal action against the firm, and said it remained committed to the completion of the financial restructuring of the company as soon as possible, Khaleej Times has reported. New York-based investment firm Monarch Alternative Capital LP on October 6 filed a claim of around $45.5m in London High Court against the shipbuilding division of Dubai World. "It is regrettable that this one lender alone has decided for un-clear reasons to take legal action. The company is currently considering its formal response," said DryDocks World.