Commerzbank wins right to cash in on forced sale of ship

The First Hall of the Civil Court presided by Mr. Justice Mark Chetcuti has granted German bankers Commerzbank the right to move forward and cash in on the forced sale of the 'HC Marie-Jeanne' after its owners,  HC Euro-Massengutfrachter GmbH & Co. Defaulted on their repayments of an €11 million facility given in 2008.

The bank filed arbitration proceedings with the Maltese Courts, asking to be granted its rights under law to take ownership of the 5,500 tonne vessel and have it sold to potential buyers, who have already been identified.

Commerzbank arrested the ship in Malta, and issued a 'Notice of Default' to its owners last September, urging them to pay up a total of outstanding debts amounting to €4.7 million.

The bank submitted that German company MS Abuk Lion was offering €4.5 million for the ship.

The Courts granted Commerzbank permission to take over the ship's ownership and proceed with its sale, in settlement of the pending debts  of its previous owners.