Brief: Court Of Appeals Ruling Against Stolt Tank Containers BV In MSC Flaminia Case

Stolt-Nielsen

03/07/2023 07:24

July 3 (Reuters) - Stolt-Nielsen Ltd  SNI.OL :
    * REG-COURT OF APPEALS RULING AGAINST STOLT TANK CONTAINERS
BV IN
MSC FLAMINIA CASE
    * COURT OF APPEALS HAS AFFIRMED BY TWO TO ONE, IN ALL
MATERIAL
RESPECTS RULING ON LIABILITY FROM 2018 BY US DISTRICT COURT FOR
SOUTHERN DISTRICT OF NEW YORK REGARDING 2012 INCIDENT ON BOARD
MSC FLAMINIA
    * COMPANY IS DISAPPOINTED BY DECISION OF COURT OF APPEALS
UPHOLDING LOWER COURT'S 2018 DECISION
    * CURRENTLY ASSESSING LEGAL AND FINANCIAL IMPLICATIONS OF
COURT'S
DECISION, WHICH INCLUDED A DISSENTING OPINION, AND IS
CONSIDERING FURTHER APPEALS AND MITIGATIONS
    * POTENTIAL LIABILITY FOR FULL AWARD IS BEING ASSESSED
    * WILL RECORD A LOSS PROVISION RELATED TO RULING IN ITS Q2
FINANCIALS, DUE TO BE REPORTED ON JULY 6, 2023, OF $155 MILLION
    * NET OF TAX WILL IMPACT COMPANY'S NET PROFIT FOR QUARTER BY
APPROXIMATELY $115 MILLION
    * COMPANY HAS LIQUIDITY IN PLACE TO FUND ITS POTENTIAL
LIABILITY
AND REMAINS IN A FINANCIALLY STRONG POSITION

Source text for Eikon:  ID:nGNE7YwwDf 
Further company coverage:  SNI.OL 

 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 7696600;))