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Fortescue Wins? Shipping Loses? Armada’s Creditors Receive a Pittance.

Declaring victory in its arbitration dispute with Armada (Singapore), Fortescue Metals Group announced that judgment was awarded in its favor in the dispute over the termination of its five-year COA with Armada in 2009. Alleging damages in excess of $70 million, Armada declined Fortescue’s settlement offer of $4 million related to the two shipments that Fortescue suspended prior to the COA termination and instead was awarded $3.7 million for these shipments. More importantly, the arbitration affirmed Fortescue’s rightful termination of the COA and as such the company will be entitled to recover its costs from Armada, which remains in bankruptcy.

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Written by: | Categories: Freshly Minted, Market Commentary | October 7th, 2010 |

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