Hedge funds and distressed asset traders hold the whip hand in restructuring talks between Drydocks World (DDW) and creditors owed US$2.3 billion, it has emerged. The Dubai-based engineer, owned by the government conglomerate Dubai World and advised by Citibank, held its first full meeting with creditors in London last month. A six-member steering committee of financial institutions representing creditors comprises three banks and three hedge fund investors, according to a source close to the talks. The banks are Mashreq and Emirates NBD from the UAE, with the Dutch group ING representing international bank creditors. The other three members are...