Enterprise Ships Arrested

Tuesday, August 28, 2001
As shipping companies continue to suffer with the sagging world economy, bondholders who financed the Greek-controlled shipping company Enterprises Shipholding have detained a second of the company's containerships to force repayment of a $175 million junk bond on which it defaulted in June, according to a Reuters report. The company has a fleet of 17 refrigerated ships, 15 of which are laid up and not trading. It also has five container vessels, two of which are laid up and two of which are under arrest. The Canmar Supreme has been held in the port of Fos, France since August 24 and is unable to trade until released. "The bondholders have had it arrested since," said a spokesman for the bondholders. "They (the bondholders) are resolute in their determination...to obtain full satisfaction of the amounts due," said a statement. Enterprises is reportedly seeking damages from bondholders over the first detention of an Enterprises ship, the Ocelotmax in the Korean port of Pusan on August 4. The 25,900 gt ship has not traded since. Enterprises Shipholding defaulted on the bond's $7.76 million semi-annual interest coupon in July. The company's second quarter results, announced last week, showed a loss of $38.3 million. The bondholders are largely U.S.-based investment funds, while Enterprises Shipholding is controlled by Greek shipping entrepreneur Victor Restis and is incorporated in Liberia. The bondholders behind the arrest said they owned more than 60 percent of the bond notes. - (Reuters)

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