22 December 2015
Watson Farley & Williams Madrid’s Ship Finance team has successfully advised the Deme N.V. group on the financing via the implementation of a Spanish tax lease of its multipurpose newbuild vessel. The vessel is being constructed at Construcciones Navales del Norte, S.L. shipyard in Sestao, Spain.
The closing date of the complex deal coincided with the European Union General Court ruling against the Commission’s decision on the illegality of the so-called “old” Spanish tax lease. WFW Madrid Asset Finance partner Alfredo Cabellos stated: “Overall, 17 December 2015 was a good day for the Spanish ship finance market. Two things happened: one more tax lease was implemented under the new tax lease legislation, and good news came from the EU. Let’s hope this helps in boosting the Spanish ship finance market.”
The WFW Madrid team was led by Alfredo and Tax partner Luis Soto. Asset Finance senior associate Laura Cadenas and Tax associate Arturo Bueno also advised, along with Corporate senior associate Sol Zabala.