Lenders Seek Payment For Shipowners' $266M Default

Law360 (August 14, 2019, 5:22 PM EDT) -- The Norwegian government and other lenders claiming two Panamanian shippers owe them over $266 million urged a Texas federal court Tuesday to let them pin down their share of the proceeds after two vessels are sold off to pay the shippers' debts.

Caterpillar Financial Services Asia Pte Ltd., KFW IPEX-Bank GmbH, Eksportfinans ASA and Eksportkreditt Norge AS, representing the Norwegian Ministry of Trade and Industry, made the request to the Texas court in a bid to intervene in proceedings initiated earlier this year by Corporativo Grupo RSA de CV. The Mexican energy conglomerate is looking to enforce its own $10 million...

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