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Finance Documents News

23 Aug 2022

Superyacht Linked to Sanctioned Russian Oligarch Auctioned in Gibraltar

A $75-million superyacht linked to a sanctioned Russian steel billionaire was auctioned on Tuesday in Gibraltar, court sources said, in what is understood to be the first sale of its kind since Russia invaded Ukraine in February.The Axioma was granted entry into Gibraltarian waters and then impounded by the authorities in March after U.S. bank JP Morgan said its alleged owner Dmitry Pumpyansky had reneged on the terms of a $20 million loan.The 72.5-metre vessel is being auctioned by the Gibraltar Admiralty Court. It was listed for one day, with closed bids to be sent electronically by midday on Tuesday, a court spokesman said.Nigel Hollyer…

02 Jul 2015

TORM's Restructuring Agreement Becomes Effective

As previously reported, TORM has obtained the creditor consents necessary to implement its Restructuring through an English law Scheme of Arrangement (cf. announcement no. 15 of 25 June 2015). The Scheme has now been sanctioned by the High Court of England and Wales and the sanction order has today been lodged with the Companies House. The Scheme has thus become effective. Earlier this year, TORM entered into a Restructuring Agreement to memorialize the support of certain of its lenders for the Restructuring (cf. announcement no. 8 of 27 March 2015). As required by TORM’s finance documents and in connection with negotiations regarding the Restructuring Agreement…

23 Oct 2005

Congressman Questions Cruise Ship Deal

A controversial federal charter of three cruise ships for hurricane housing is yielding Carnival Cruise Lines far more than the ships earned in actual cruise operations, a key congressman charged on Thursday, according to a report on Sun-Sentinel.com. Rep. Henry Waxman, D-Calif., said the cruise line got about $25 million a month in revenue from the three ships, based on an internal Carnival financial document from 2002. The ships were chartered to the federal government shortly after Hurricane Katrina at a cost of $192 million for six months. The figures suggest a gap of at least $42 million between what Carnival is getting under the Sept. 2 charter and what it earned from the ships in 2002.