An Italian bank is suing a borrower over missed payments under a loan agreement.
Banca Nazionale Del Lavaro filed suit in the District Court for the Eastern District of Texas, Beaumont Division on March 12, 2014, naming M/V Calafuria, in rem, and the vessels's owner Delmare S.p.A. in personam as the defendants.
Banca Nazionale Del Lavaro is an Italian bank which provided a loan to Delmare worth up to $75 million in Oct. 2007. The bank was provided with the mortgage over the oil and chemical tanker the M/V Califuria, as collateral.
Delmare allegedly defaulted on the loan agreement, missing payments of $1.25 million in May, August and November of 2013. Banca Nazionale says Delmare is $5 million in arrears and seeks to recover the Califuria for the default.
It claims the loan agreement allows them to foreclose on the vessel due to the default. It is suing for breach of contract and seeks a judgment allowing them to recover the vessel.
Banca Nazionale is seeking $5 million in damages.
It is being represented by attorney Marc G. Mathews of Phelps & Dunbar LLP in Houston.
District Court for the Eastern District of Texas, Beaumont Division, Case No. 14-cv-00133
This is a report on a civil lawsuit filed in the District Court for the Eastern District of Texas, Beaumont Division. The details in this report come from an original complaint filed by a plaintiff. Please note, a complaint represents an accusation by a private individual, not the government. It is not an indication of guilt, and it only represents one side of the story.