GC Rieber Not Getting Paid for Reef Subsea Sale

first_imgGC Rieber Shipping ASA said that The HV V Golf companies have not fulfilled the obligations related to the seller’s credit, regarding the sale of the company’s shares in Reef Subsea.Namely, after Reef Subsea had a significant negative result in the fourth quarter 2013, on January 28 2014, the Norwegian offshore/shipping company entered into an agreement to sell its stake in Reef Subsea AS to HV V Invest Golf AS and HV V Invest Golf II AS, two investment companies of the private equity fund HitecVision V, LP.According to GC Rieber, the transaction included the provision of a seller’s credit, inclusive of provided guarantees, of 180 million Norwegian crowns to the two HV V Golf companies. In addition, accrued interests on the seller`s credit amount to NOK 10 million.However, the company announced today that HV V Golf companies failed to fulfill its obligations related to the seller’s credit and this has now become due and payable.GC Rieber Shipping has reasons to believe that the HV V Golf companies will not fulfill the terms of the agreement.Furthermore, GC Rieber Shipping has sent a notice of default to the two HV V Golf companies.“As these two entities own the company and group Reef Subsea AS, it is GC Rieber Shipping’s opinion that there may be significant risk related to GC Rieber Shipping’s outstanding receivables for the charter of vessels to subsidiaries of Reef Subsea. The outstanding receivables amount to NOK 45 million,” the company said in a statement.In addition, GC Rieber Shipping said it will seek to recover amounts due through established collateral in Reef Subsea AS.last_img

Kartavya, Koustav finish 2nd and 3rd at International Open online blitz

first_img 1 month ago Shashank Udapurkar shares adorable picture with veteran star Ashok Saraf WE RECOMMEND First Published: 21st July, 2020 09:34 IST Press Trust Of India 7 months ago ‘Jamtara’ is full of promising actors; here is the list of the cast 3 months ago Check out Prabhas-Anushka starrer ‘Baahubali’s’ best dialogues FOLLOW US WATCH US LIVE SUBSCRIBE TO UScenter_img LIVE TV India’s Kartavya Anadkat and IM Koustav Chatterjee finished second and third respectively at the SS Foundation International Open Online Blitz Chess tournament.Argentine International Master Lucas Liascovich won the event. The top three players scored 8.5 points apiece and the positions were determined by better tie-break scores.Organised by the West Bengal Chess ad-hoc committee on occasion of the “International Chess Day”, 213 players from seven countries (India, Serbia, Nepal, Indonesia, Armenia, Argentina, Cuba), including four Grandmasters and 11 IMs took part in this tournament.The tournament was played in 10 rounds under Swiss League System through the “Lichess” server, with a time control of three minutes plus two seconds increment in each move.Image credits: PTI / Social Media 1 year ago WATCH: Here’s Shatrughan Sinha’s response to partymate Pramod Krishnam’s ‘Party Dharma before Patni Dharma’ remark on his crossing party lines to campaign for wife Poonam Sinha COMMENT Last Updated: 21st July, 2020 09:34 IST Kartavya, Koustav Finish 2nd And 3rd At International Open Online Blitz India’s Kartavya Anadkat and IM Koustav Chatterjee finished second and third respectively at the SS Foundation International Open Online Blitz Chess tournament Written By 9 months ago J Jayalalithaa: Films the actor-turned-politician was a part of in the south industrylast_img read more