Case Nos: CL-2023-000206 and CL-2023-000207 - [2025] EWHC 1591 (Comm)

On 30 March 2017 Mr Senanayake of DVB confirmed to Owners by email that DVB had approval to proceed with the restructuring ‘along the terms of the last term sheet’ and asked if Owners intended to instruct their own lawyers. On 4 April 2017 Owners confirmed that they would instruct their own lawyers in respect of the restructuring.

On 23 May 2017 Owners returned the draft term sheet to DVB with comments and suggested revisions. The draft term sheet was marked ‘SUBJECT TO CONTRACT’. The suggested revisions included that i) Charterers make no repayment to other creditors without Minsheng or DVB’s approval, and ii) default interest would be payable on interest not paid.

There was then another four-month break in discussions. On 27 October 2017 there was a call between DVB and Owners to discuss further revisions to the draft term sheet, and on 31 October 2017 Owners sent their comments on the draft term sheet. The draft term sheet remained marked ‘SUBJECT TO CONTRACT’.

By 23 November 2017, following two further exchanges of comments, DVB and Owners had substantially agreed the terms which they were willing to propose to Charterers. Those terms were accordingly sent to Charterers on 30 November 2017 for review and signature.

On 30 December 2017 Mr Senanayake sent Charterers’ further revisions to the draft term sheet to Owners.