Hamburg Commercial Suing For $54M Over Defaulted Loans

Law360, London (March 11, 2020, 7:18 PM GMT) -- Hamburg Commercial Bank AG, one of Germany's largest maritime lenders, is suing Singapore-based holding company Foix Holding Pte. Ltd. for $54 million for allegedly defaulting on a number of loans.   

In particulars of claim filed March 3, Hamburg Commercial Bank accuses Foix Holding of failing to adhere to a 2011 commercial loan agreement in which the lender agreed to refinance "certain 'existing indebtedness.'" Foix used seven ships owed by several shipping companies as security for the loans, according to the documents.  

Foix's British Virgin Islands-based guarantor, Arabella Group Ltd., which is also named a defendant in the suit, is on the...

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