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...

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