Ship's Bow

WFW advises Borealis Maritime Ltd on its successful bid for two LPGs following the Deiulemar Shipping bankruptcy

24 July 2013


Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised Borealis Maritime Ltd. (“Borealis”) on its successful bid to acquire LPG vessels “ELEONORA LEMBO” and “MARGHERITA IULIANO” following the bankruptcy of Deiulemar Shipping (“Deiulemar”), the Italian dry freight group.

Following a third round of bidding Borealis will acquire the two LPGs, of 4,000 cbm each, for approximately US$12 million each.

WFW Italy advised Borealis, an independent London-based maritime investment and ship management firm, as it beat other interested parties from Greece and Italy during a third round of bidding for the vessels.

WFW’s advice focussed on the drafting of the bid letters, the necessary corporate powers and, generally, on the entire bid procedure as determined by Italian bankruptcy laws. Deiulemar declared bankruptcy in October 2012 with debts of more than €500 million.

WFW Rome partner Furio Samela led on the deal supported by asset finance associates Michele Autuori and Emanuele Caretti (both WFW Rome), Francesco Dialti and Antida Cutuli (both WFW Milan).

Furio Samela, partner at WFW, said: “We are particularly delighted to have been able to combine our asset finance and bankruptcy expertise to advise Borealis on its key acquisitions.”