In the battle of Ocean Choice International vs Landvis ehf, a Newfoundland and Labrador Court of Appeals judge dismissed an appeal from Ocean Choice International (OCI) "for an order to compel the second respondent, Landvis ehf to subordinate the debt it holds from OCI to financing that OCI wishes to put in place with Caisse Centrale Desjardins and a consortium of other financial institutions," according to court documents.
Landvis is the Canadian subsidiary of Icelandic company Visir.
The appeal was due to "what Ocean Choice believed was a contractual obligation on the part of the lender, an obligation to subordinate its loan to third party financing," OCI attorney Barry Bresner told IntraFish.
