Israel's Finance Ministry and Israel Corp have reached a compromise regarding the government's "golden share" in the country's biggest shipping company Zim, paving the way for a $3 billion debt restructuring plan to move ahead. The government last week appealed an Israeli court ruling regarding the golden share but the two sides said on Tuesday they have reached a compromise that is similar to the original court ruling. As a result, Israel Corp said in a statement, it has asked the district court to approve the restructuring arrangement it has reached with its shareholders. If the court approves, Israel Corp said it plans to carry out its part of the deal by the end of Tuesday. Conglomerate Israel Corp owns just under 100 percent of Zim, which like other shipping companies has been hit hard by a faltering global economy in recent years. Under the restructuring its stake in Zim will fall to 32 percent after a $1.4 billion debt-to-equity conversion agreement with creditors. The compromise will allow the government to keep its golden share, which gives it veto power over some major decisions and requires Zim to operate ships during times of emergency. At the same time, the compromise requires government authorisation for the sale of 35 percent or more of Zim, up from a current level of 24 percent.
Royal Olympic Cruise Lines announced that the Greek court administering the section 45 proceeding regarding its subsidiaries has allowed the company an extension until Thursday, February 12, 2004, to reach agreement on a plan of restructuring with the holders of at least 51% of outstanding obligations. The company is in negotiations with its major creditor, Fortis Bank, which itself holds more than 51% of the total obligations.
The U.S. Court of Appeals for the Fourth Circuit ruled that the law of salvage rather than the law of finds applies to the on-going work related to the wreck of the RMS TITANIC. The court also overturned the lower court’s actions regarding certain artifacts that had been retrieved and taken to France in 1987, ruling that the court had no in rem jurisdiction over those artifacts. The decision includes a lengthy comparison of the law of salvage and the law of finds
The Port of Houston Authority (PHA) welcomed U.S. District Court Judge Vanessa Gilmore's ruling on the motions for summary judgment that had been filed by the U.S. Army Corps of Engineers, PHA, and the opponents of PHA's Bayport Container and Cruise Terminal project. The court ruling grants the Corps' and PHA's motions and denies the opponents' motion, thereby dismissing the challenge to the Bayport permit. According to the court's ruling
The US Court of Appeals for the Fourth Circuit ruled that the Environmental Protection Agency (EPA) has authority under the Toxic Substances Control Act (TSCA) to obtain and exercise an administrative warrant to inspect ships containing regulated chemical substances. In the instant case, the owner of an obsolete US Navy ship announced plans to have the ship towed to a foreign port for renovation and conversion. The EPA learned that the ship probably had polychlorinated biphenyl (PCB) on board
China's Defence Ministry said on Tuesday no matter how an arbitration court rules on a case about the South China Sea it will not affect China's sovereignty. "No matter what kind of ruling is to be made, Chinese armed forces will firmly safeguard national sovereignty, security and maritime interests and rights, firmly uphold regional peace and stability, and deal with all kinds of threats and challenges," it said, in a bilingual Chinese and English statement.
The U.S. Court of Federal Claims in Washington, D.C. has granted the Stratos protest of a five-year U.S. Navy SPAWAR (Space and Naval Warfare) Inmarsat lease contract award to Comsat. The court ruled the contract awarded this past June was legally invalid, and required the U.S. Navy to retender its request for proposal for the five-year $111.9 million contract. The Court directed the Navy to conclude the recompetition by January 28, 2000.
BP Plc on Wednesday said it will ask the U.S. Supreme Court to review a court ruling concerning the 2010 Gulf of Mexico oil spill, which forces the company to pay some businesses for economic damages without the businesses having to prove the spill caused their losses. On Monday, the 5th U.S. Circuit Court of Appeals in New Orleans refused to disturb a March ruling from a three-judge panel over how to compensate businesses.
The Texas Supreme Court on Friday ruled that BP Plc cannot claim about $700 million in insurance that was carried by offshore driller Transocean Ltd to cover the blowout of BP's Macondo well in 2010, the biggest offshore spill in U.S. history. The state's highest court, upholding the views of lower courts, ruled BP was covered by Transocean's insurance for pollution on the water's surface, but not under it. BP operated the well
Manila drops request to refer to court ruling in statement. Southeast Asian nations overcame days of deadlock on Monday when the Philippines dropped a request for their joint statement to mention a landmark legal ruling on the South China Sea, officials said, after objections from Cambodia. China publicly thanked Cambodia for supporting its stance on maritime disputes, a position which threw the regional block's weekend meeting in the Laos capital of Vientiane into disarray.
Japan said on Monday it would respond firmly after Chinese government vessels intruded into what Japan considers its territorial waters near disputed islands in the East China Sea 14 times at the weekend. Ties between China and Japan, the world's second and third largest economies
Japan and the Philippines have begun talks for the transfer of two large coast guard ships to Manila, to help patrol the disputed South China Sea, a Japanese foreign ministry official said on Friday, as part of a deal on defence equipment.
The Philippines' territorial dispute with China over the South China Sea has not caused Manila to rebalance diplomatic ties with either its ally, the United States, or neighbouring China, Foreign Minister Perfecto Yasay said on Wednesday.
South Korea's Hanjin Shipping Co Ltd, whose collapse has disrupted global trade, is considering a restructuring plan to sell more than half its ships, the Wall Street Journal reported on Friday, citing people familiar with the matter. However
China said on Thursday it had issued a formal protest after Australia announced it would continue to exercise its right to freedom of navigation and overflight in the South China Sea following a court ruling against China's claims. The Permanent Court of Arbitration in The Hague concluded
China's coastguard has prevented Filipino boats from fishing around the hotly contested Scarborough Shoal, Philippine officials said on Friday, after Beijing kept a promise to ignore a court ruling voiding its vast South China Sea claims.
Japanese Prime Minister Shinzo Abe agreed with his Vietnamese counterpart that an arbitration court's decision this week on the South China Sea must be observed, Japan's Kyodo news agency said on Friday. The court in The Hague ruled China has no historic title over the waters of the South
The European Union issued a statement on Friday noting China's legal defeat over the South China Sea but avoided direct reference to Beijing, reflecting discord among EU governments over how strongly to respond to the court ruling. While the European Union is neutral in China's dispute
U.S. Secretary of State John Kerry will urge Southeast Asian nations in meetings in Laos next week to find diplomatic ways to launch talks with China on easing tension over the South China Sea following an international court ruling that denies China's claims in the sea.
Southeast Asian nations were thrown into disarray after Cambodia on Saturday blocked them from issuing a statement referring to an international court ruling against China's territorial claims in the South China Sea, diplomats said. The U.N
U.S. Secretary of State Kerry says backs bilateral talks; Philippines says dispute does not involve United States. U.S. Secretary of State John Kerry said on Tuesday he supported the resumption of talks between China and the Philippines over the South China Sea
China's foreign minister has asked the U.S. secretary of state John Kerry to support the resumption of talks between China and the Philippines over the South China Sea, following a ruling against Beijing over the dispute earlier this month.
Cambodia advised a grouping of South East Asian nations to avoid using words that "would escalate tension between China and the Philippines" in a weekend statement, the country's foreign ministry said on Wednesday. Cambodia's support for China's position on an international
China and Russia will hold "routine" naval drills in the South China Sea in September, China's defence ministry spokesman Yang Yujun told a news conference on Thursday. The drills come at a time of heightened tension in the contested waters after an arbitration court in the Hague
China's Supreme Court said on Tuesday people caught illegally fishing in Chinese waters could be jailed for up to a year, issuing a judicial interpretation defining those waters as including China's exclusive economic zones. An arbitration court in The Hague ruled last month that China had no