And Mambisa dropped its appeal. The decision of Mr Justice Tingley had immediate repercussions for creditors worldwide. Thus, a series of creditors, including bunker suppliers, shiprepairers, banks and others, sought relief in the Province of Quebec. The majority of the claims were eventually settled prior to the institution of legal proceedings, based on the Bahia De La Habana decision. Today, Cuba continues to struggle to pay its creditors.
Substantial sums remain unpaid to bunker suppliers, shipowners and ship repairers.
Both the Cuban entities and the creditors realise that paralysing Cuban assets exacerbates the problems. Since both parties ultimately realise the consequences of drastic measures, Cuban shipping interests have generally attempted to resolve their debts with elaborate payment schedules which have to be continuously monitored by their creditors. During the Cuba Maritime '98 conference last year, Antares tried to assume a positive face towards maritime creditors. Yet, within three months of this event, the managing director of Cuflet Chartering was replaced, thus creating renewed uncertainty and suspicion. Today, debts remain unpaid, a trickle of payments subsists and the heated negotiations continue.