Channel 5 News
PORT OF BROWNSVILLE - The wait continues for more than 200 employees who were sent home from work without pay Monday.
Esco Marine Inc. ceased operations citing low metal prices. A civil lawsuit filed against the company, though, reveals it defaulted on a multi-million-dollar loan.
Tyler would not speak about the lawsuit.
The 32-page lawsuit claims Esco owes Callidus Capital Corporation of Canada more than $31 million from a loan.
The suit claims that "by June, 2014, Esco was in extreme financial and operational distress." The company got the loan as they searched for someone to buy the business.
For the rest of the story, click on link: http://www.krgv.com/news/local-news/Lawsuit-Offers-Glimpse-into-Esco-Marine-s-Finances/31325360
5 comments:
The scam capital of the world; NACOVILLE.
We have to wonder what will happen to the "great ladies of the sea" sold to ESCO by the U.S. Navy to be cut into scrap. Since the ships cost ESCO almost nothing, perhaps they will sit forever at the Port of Brownsville.
Looks like Emilio Sanchez keeps ripping people off....looks like its finally going to bite him in the ass!!
que sabes de jale, pinche inutil! vato flojo!
Keppel is likely next to let people go with the oil price drop. Ship braking only works with slave wages and NO environmental control... Welcome to the Port.
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