Enterprise Containership Detained; Repayment of $175 Million Bond Forced

Tuesday, August 07, 2001
Bondholders who financed the shipping company Enterprises Shipholding, said on Tuesday they had arrested one of the company's newest containerships, the Ocelotmax, to force repayment of a $175 million bond on which it defaulted in June.

"The Ocelotmax was arrested to secure the bondholders' unquestionable right to judgment and payment of their claims against Enterprises," said a statement from the bondholders.

"While the bondholders have initiated multiple efforts to address the default with the company's management and directors, the company has utterly failed to respond to such efforts," it added.

Enterprise's Director and CFO Kostas Koutsoubelis denied the company had failed to respond.

"It is us who tried to initiate discussions with the bondholders," he said.

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