Marshall Islands Court Denies Frontline’s DHT Injunction
- Business & Finance
The High Court of the Marshall Islands has denied Frontline’s request for a preliminary injunction relating to the vessel acquisition agreement between DHT Holdings and BW Group Limited.
On June 7, 2017, the court rejected Frontline’s arguments and issued an order denying the company’s motion for a preliminary injunction, according to the information provided by DHT Holdings.
The court cited Frontline’s failure “to demonstrate a probability of success on the merits of its claims.”
In particular, the court noted that the acquisition of BW’s fleet fell within the sound discretion of the DHT board of directors’ business judgment, and that Frontline “has no likelihood of success” on any challenge to the rights plan implemented by the DHT Board, as the rights plan was a reasonable response to Frontline’s actions.
Both the High Court of the Marshall Islands and the Supreme Court of the State of New York have now rejected Frontline’s attempt to interfere with DHT’s acquisition of BW’s fleet.