Navios Maritime Taken to Court Over USD 50 Mln Loan
- Business & Finance
Greek dry bulk shipping company Navios Maritime Holdings has been hit with a lawsuit related to its latest round of loans amounting to USD 50 million received from Navios Maritime Acquisition in March.
According to data from court documents, the lawsuit was filed by Metropolitan Capital Advisors International, a shareholder in Navios Acquisition, on behalf of the company.
Namely, Metropolitan, which holds some 234,500 shares in Navios Acquisition along with its founder Jeffrey E. Schwarz, is urging the court to block the drawdown of the agreed loan or to seek a return of the any amount paid.
Under the terms of the agreement between Navios Maritime and Navios Acquisition the revolving loan facility of up to USD 50 million is due to be repaid on December 31, 2018, and has an interest rate based on LIBOR plus of 3% per annum.
The loan, which is expected to be used for general purposes, would be guaranteed by Navios Holdings Europe Finance, a wholly owned subsidiary of Navios Holdings.
On April 4, Navios Maritime said that, based on an announcement received from the New York Stock Exchange, the company is once again in compliance with the NYSE’s continued listing requirement of a minimum average closing price of USD 1 per share over a consecutive 30 trading-day period.
At the close of trading on March 31, 2016, the average closing price of the Navios Maritime’s common stock for the previous 30 trading-days was above USD 1 per share and its closing share price on March 31, 2016 exceeded USD 1.
World Martime News Staff