Cyprus Co. Looks To Enforce $7.6M Defaulted Loan Award

Law360 (April 30, 2021, 7:25 PM EDT) -- A Cyprus-based company has asked a Florida federal judge to enforce a $7.6 million arbitral award it won two years ago against a Norwegian shareholder who defaulted on a $10 million loan meant for refinancing a Swiss corporation.

Abalith Holdings Ltd. and Jostein Eikeland in 2016 entered a shareholder agreement, which made them investors in Cypriot company Gingerpath Ltd. and Swiss company Alevo Group SA.

Abalith recounted in its Thursday petition to confirm the arbitral award how the two companies they invested in underwent restructuring, causing Abalith and Eikeland to enter into a $10 million loan agreement.

"In three separate transaction...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!