Item 1. Legal Proceedings
ITEM 1.
LEGAL PROCEEDINGS
The Company is involved in various claims, legal actions and regulatory proceedings arising from time to time in the ordinary course of business and it has protection and indemnity insurance that would be expected to cover any damages.
Unless stated otherwise, the matter discussed below, if decided adversely to or settled by the Company, individually or in the aggregate, may result in a liability material to the Company's financial position, results of operations, or cash flows. The Company can provide no assurance as to the scope and outcome of this matter and cannot reasonably estimate any loss or range of loss, beyond the amounts accrued, if any, that may arise from this matter.
On October 8, 2024, the Workers’ Committee of Navilusal Cia. Ltda. filed an action (the “Complaint”) with the Ministry of Labor in the Republic of Ecuador against Navilusal Cia. Ltda. (“Navilusal”), a subsidiary of the Company. The Complaint asserts, among other things, Navilusal’s failure to pay a surcharge on gross sales and a percent of net profits of Ecuadorian subsidiary companies Metrohotel and Marventura, and monetary damages related thereto. The Company believes that it has substantial legal and factual defenses to the claims and intends to defend the Company against such claims.
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