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Hard Times for Uljanik, Jan De Nul Wants Money Back

first_imgJan De Nul Group is demanding the repayment of all installments paid to Croatia’s troubled Uljanik Shipyard, plus interest, after they cancelled an order for Newbuilding 500 – a cutter suction dredger.The Shipbuilding Contract for Hull 500 was signed two years ago between Uljanik d.d. and Dredging and Maritime Management SA (DMM) Luxembourg, the company in ownership of Jan de Nul Group.On April 19, the client said that it would seek the repayment of its advance payments for the vessel that was to have been built by the shipyard, Uljanik said in a statement via the Zagreb Stock Exchange.“Upon the negotiations which lasted few months among the Buyer, institutions of Republic of Croatia and Uljanik d.d. which aimed that instead repayment of advance payments the vessel be completed in Uljanik Shipyard or alternatively in foreign shipyard, the Buyer made final decision by which he requests repayment of advance payments increased for the interest,” the statement said.According to the subject, Shipbuilding Contract Uljanik d.d. is obliged in period of seven days from receipt of the request in headquarters of the company to effect repayment of advance payments increased for interest whereby the part of advance payments has been secured by state guarantees.The interested parties will continue to work on finding a solution to reduce the harm the latest developments are expected to cause to the state and the shipyard.last_img read more

US ruling allows Martinez Sampedro family full disclosure on Codere investors

first_img Related Articles Codere records 10X losses seeking vital lifeline  May 28, 2020 Codere secures €250m credit lifeline on aggressive interest rates  July 14, 2020 Connecticut’s District Court has granted the Martinez Sampedro family a major concession in its ongoing legal dispute against Grupo Codere SA’s US debt-holders, upholding the family’s ‘discovery demand’ against Silver Point, Contrarian and Abrahams Capital hedge funds.Securing its Connecticut demand, the Martinez Sampedro family – enterprise founders of Codere – will be able to access all information related to the US hedge funds refinancing of the bankrupt Spanish gambling group undertaken between 2014 and 2016.As previously declared, Martinez Sampedro representatives intend to use its US demand in relation to the family’s corporate governance dispute being undertaken through Spain’s Capital Markets Commission (CNMV).“The decision to go to the Justice of Connecticut responds that it is in this State where the registered office of Silver Point and another of the funds demanded is located and the authorization marks an unprecedented procedural milestone in Spain,” detailed a Martínez Sampedro statement.A bitter two-year legal challenge sees the Martinez Sampedro family assert that US debt-holders led by Silver Point had failed to follow proper corporate control procedures in its €1 billion restructure of Codere, as deal stakeholders had ‘purposely bypassed’ recommending a takeover offer to founders once they had gained 30% control of the gambling group.Furthermore, the family states that its executive voting rights had been restricted during the period despite maintaining 18% of Codere’s shareholding, branding illegal the appointments of Vicente Di Loreto as new Group CEO and Norman Sorensen as Executive Chairman.This August, a CNMV filing disclosed that Codere governance had withdrawn outright the board representation of brothers’ Jose Antonio (former President) and Luis Javier (former VP) at the firm’s AGM. Codere avoids total collapse with 12-month credit line  June 22, 2020 Submit StumbleUpon Share Sharelast_img read more