GPS pays $29.5 mln to Cadogan after sale of gas plants
KYIV. April 19 (Interfax) - Global Process Systems Inc (GPS) has paid $29.5 million after the sale of gas plants to Britain's Cadogan Petroleum Plc, which has assets in Ukraine, Cadogan reported on the London Stock Exchange (LSE).
The gas plants were made under an agreement signed by the companies.
Cadogan said that in accordance with the terms of the settlement documentation, the parties are now taking the appropriate steps to dismiss the legal proceedings commenced in Britain against GPS, and all other claims and liabilities have been released.
As reported, earlier Cadogan and GPS signed an agreement on the production and supply of equipment worth $54.5 million for two gas processing plants. But the deal has not been completed and GPS agreed to take the equipment back to the warehouse and transfer $37.5 million to Cadogan.
GPS transferred $7.5 million on time, but has not paid another part of $10 million, which was to be paid by February 14, 2011.
The High Court in London on February 15, 2013 ruled in favor of Cadogan Petroleum Plc, ordering a sum of just over $21 million inclusive of interest to be paid by Monday, March 4, 2013.
In addition, at the request of the company, a decision by the court on further damages estimated at approximately up to $10.5 million has been adjourned pending the sale of the plants.