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WFW advises illimity on Sider Navi shipping financings24 January 2022

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Watson Farley & Williams (“WFW”) has advised illimity Bank S.p.A. (“illimity”) on two loans granted to Sider Navi S.r.l. (“Sider Navi”) to partially pay the purchase price of the M/Vs “Sider Bergen” and “Sider Sonja” and support their company operations. The vessels are registered in the International Registry and will be operating cabotage services.

One of the loans is guaranteed by a SACE guarantee on the basis of the liquidity decree (no. 23/2020) under the “Garanzia Italia” programme.

illimity is a high-tech banking group providing credit to high-potential companies, buying and managing corporate distressed credit through its neprix platform. Sider Navi is a maritime company based in Genoa and part of Nova Marine Group.

The WFW Italy Maritime team advising illimity was led by Partner Furio Samela working closely with Associates Beatrice D’Amato and Sergio Napolitano. Furio and the team advised on all aspects of the transaction related to the drafting and negotiation of the financing agreements and all related security documents.

Sider Navi side were represented by Gabriella Reccia, General Counsel of the Nova Marine Carriers group.

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