ENTERPRISES SHIPHOLDING CORP. VESSEL ARRESTED IN FRANCE
' A second vessel controlled by Enterprises Shipholding Corp. was arrested in the Port of Fos, France, over an alleged default on a $175-million bond issue.
The “Canmar Supreme,” a 2,200-TEU ship chartered to Canada Maritime, was arrested by a group of bondholders owning more than 60 percent of the $175 million in senior notes issued to the Restis-family-owned Enterprises Shipholding Corp. in 1998. The company allegedly defaulted on payment of interest due on its bond issue, resulting in the acceleration of all principal and interest in June by the indenture trustee, Chase Manhattan Bank. The bondholders said the company has since failed to make any payments due the bondholders.
The bondholders are trying to secure judgment against the company in a suit pending in New York.
On Aug. 4, the “Ocelotmax” was arrested in the Port of Pusan, Korea, and Enterprises Shipholding has failed to post the required security to have the vessel released.
The latest vessel arrest forced Canada Maritime, which has nothing to do with the bond dispute, to scramble to arrange for the movement of containers stranded with “Canmar Supreme.” A company spokesperson said a vessel had been dispatched and would pick up the containers today for delivery.