OREANDA-NEWS. November 22, 2010. As JCS „Latvijas kugnieciba” (LK) has already informed before, with the aim to finance renewal of the LK fleet and purchase of 17 new-build vessels during 2003 to 2008 the companies of the LK Group have received two loans from a syndicate of banks – in amount of USD 360 million and USD 75 million respectively. These loan agreements, among other things, provide for strict execution of the credit terms by the LK group companies, for example, amount of profit before tax, bank account balance, etc. But in case of default of the agreement provisions the creditor is entitled to claim preterm repayment of the loan or to sell the pledge, i.e. the vessels. Precise credit terms cannot be revealed as pursuant to the loan agreements as they are to be considered as confidential.