DVB Group Merchant Bank (Asia) Ltd, a unit of Germany’s DVB Bank SE, can now go ahead and seek bids for selling six ships of GOL Offshore, earlier known as Great Offshore Ltd, to recover their part of outstanding loans, says a report in the Livement.
The Bombay high court has allowed DVB Group to start the process of undertaking valuations of six ships of Mumbai-based offshore services firm and seek potential bids.
Bombay high court said six offshore vessels—Malaviya 23, Malaviya 24, Malaviya 25, Malaviya 27, Malaviya 28 and Malaviya 9— lender can immediately publish public advertisements and notices after 24 June for the sale of the vessels in its order dated 13 June.
Sources suggest that the sale was ordered after GOL Offshore failed to live up to court-approved "consent terms" agreed between the two parties in October 2015.
The terms included the sale of Malaviya Nine by 3 January 2016 or payment of USD 22 million by end January 2016, reimbursement of legal costs and other fees to DVB, payment of USD 300,000 to DVB by end of October 2015 and payment of USD 1.3 million by the 15th of every month from November 2015 until February 2016.