Aurelius Capital Management, a distressed American debt fund, is the only remaining creditor of Dubai World to have not approved restructuring of the troubled conglomerate's $25-billion liabilities, according to a media report.
"Aurelius Capital was the only creditor out of more than 70 to not have cast a vote by the Thursday deadline," The Financial Times reported, citing people familiar with the matter.
By doing so, the fund has forsaken fees paid to creditors that signed up for the deal in advance of the deadline, the report added.
However, some people close to the deal believe that Aurelius Capital, which bought $5-million worth of debt in the secondary market - could still vote in favour of the deal. Aurelius Capital declined to comment.
Dubai World had on Friday said it had reached a formal agreement with more than 99.9 per cent of its creditors to restructure $25 billion in debt, which includes $10 billion owed to the government.
Dubai World, which had accumulated massive debts during the real estate boom, was hit by the global financial meltdown that squeezed credit availability in the market.
Going by estimates, Dubai and many of its state-owned companies have a total debt of more than $100 billion.