VESSEL SEIZED OVER BOND DEFAULT
The “Ocelotmax,” a 2-205-TEU ship owned by Enterprise Shipholding, was arrested in Pusan Korea on August 4 for an alleged bond default.
Enterprise Shipholding, the reefer shipping arm owned by the Restis family, borrowed $175 million from the public bond market in 1998. They failed to repay principal, interests and other amounts due by June under terms of the indenture, the bondholders said.
The bondholders said they have filed suit in New York seeking “judgment and payment on their claims against Enterprises and its guarantors.”