Norwegian chemical shipping company Odfjell Terminals US Holdings LLC prevailed in a lawsuit brought in Delaware’s Chancery Court claiming it breached the terms of an agreement by refusing to issue distributions.
NCP US Terminals LP failed to prove its breach of contract claim because it “asks the court to enforce a contractual right for which they never bargained,” Chancellor Kathaleen St. J. McCormick said Thursday.
NCP, which is owned by private equity funds managed by Northleaf Capital Partners Ltd. and its affiliates, claimed Odfjell had millions in available cash and that the board was obligated to issue quarterly distributions. …