Natixis filed a formal claim Friday with a US court to seize a NewLead Holdings vessel that has been idled in Baltimore Harbour since last September.
The French bank says it has a first preferred mortgage on the 5,900-dwt Newlead Granadino (built 2009) partially backed a $17.8m loan made to NewLead-controlled entities in 2008.
The loan is also backed by the 3,400-dwt Nepheli (built 2009), which has also been seized by Natixis and is moored in Piraeus.
Natixis says it notified NewLead twice in April and June of last year that it was in default on some $8.1m in unpaid principal and interest on the loan backed by the Granadino.
The US Coast Guard stopped the vessel from leaving Baltimore Harbour last September due to engine problems, stranding the 18 seafarers aboard the vessel. Natixis took over day-to-day responsibility of the ship since last October after NewLead failed to pay the crew and suppliers and to make needed repairs to the ship.
Natixis claims the additional expenses of keeping up the ship and the crew and making the needed repairs in the interim have increased the amount due to $10.5m.
Twelve of the seafarers have been repatriated as the ship is now moored at Pier 13 in the Port of Baltimore. A crew of six remain on board in order to demonstrate the ship's operations to potential buyers.
Other NewLead vessels also await disposal. Portigon is taking sealed bids until the end of this month on the 76,000-dwt Newlead Victoria, for which it is owed $26m by NewLead. Credit investment firm TCA Fund is completing paperwork to take control of the 2,900-dwt Sofia (built 2008).
