Industry: Aerospace/Aviation
Location: Nigeria
Results: $3.25M recovered for our client
Background:
Client sold two helicopters to the debtor, which defaulted on the repayments. The helicopters were stored and never handed over to the debtor.
The Challenge:
The debtor was bought out by EcoBank and claimed to have not known about this matter.
How Cedar Financial Solved the Problem:
Cedar Financial, in tandem with our local office, filed a lawsuit in Nigeria in 2014 to domesticate the US judgment the client had obtained back in 2013.
Once the summons was issued, the debtor began to enter a settlement discussion with Cedar and our local office. The delays resulted in one of the decision makers being located outside of Nigeria.
After 11 months of intensive discussions and legal motions, the debtor and client came to a compromised settlement amount of $3.25M to consider this matter settled in full.
The Takeaway:
Despite having a US judgment, the client couldn’t enforce payment until Cedar stepped in. Having an on-the-ground presence in Nigeria made all the difference in this case, as our experienced local office was able to effectively navigate the legal system to get the job done.
