The loans acquired pertain to 14 vessels owned by eight different ship owners.
Watson Farley & Williams has advised portfoliomanagement, the winding-up agency of the Free and Hanseatic City of Hamburg and the Federal State of Schleswig-Holstein, on the due diligence for the sale of a number of vessels that are part of its remaining shipping loan portfolio to a bidding consortium comprising the Bank of America and Davidson Kempner Capital Management LP.
Seamax operates a fleet of 12 modern, post-Panamax container ships and provides the world’s top shipping lines with over 1.2m deadweight tonnage in carrying capacity.
The loan facility refinanced two existing loan facilities secured on a number of LPG vessels and provides working capital to the owner. It is secured on 11 LPG vessels registered on Belgian flag.
The first drawdown refinanced indebtedness in relation to nine VLCCs and three Suezmaxes and security included Belgian, Greek and French mortgages over these ships.
Sins of the Father: can a guarantor avoid liability by claiming to have been under ‘undue influence’ of a family member?
This article examines a recent decision in which the Commercial Court in London clarified a number of aspects of the law of undue influence.