OCI Gets Extension for Financing, Sues Landvis for Refusing to Subordinate Claims as per Agreement
SEAFOODNEWS.COM [UndercurrentNews] by Jason Smith April 12, 2016
In a lawsuit accusing its minority shareholder Landvis of conspiring to scuttle a needed CAD 210 million ($162m) refinancing and force a sale to Clearwater Seafoods, Ocean Choice International’s (OCI) management wants a judge to override Landvis's objections and order the refi to take place.
Landvis, its former directors Andrew Wissler, Gudjon Thorbjornsson and Petur Palsson, CEO of Landvis’s parent company, Icelandic whitefish catcher and processor Visir were named as defendants.
The parties have been engaged in a long-running shareholder dispute with majority OCI owners Blaine and Martin Sullivan over control of the company.
The recent suit, filed in the Supreme Court of Newfoundland and Labrador last month, asserts that Landvis and its management breached contract, fiduciary duty and confidence by interfering with two attempts by OCI to refinance its debt.
It also accuses the defendants of engaging in a conspiracy to scuttle the refinancing ...
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