Arias, Fábrega & Fábrega acted as Panamanian counsel to Seabird Exploration Finance Ltd. in connection with the issuance of a series of US$29,344,751.00 notes, to inter alia, refinance the company's group outstanding liabilities and for general corporate purposes.

Panama had an important role granting the security of the notes issuance in this multi-jurisdictional transaction.  In addition to certain security covering four (4) Panamanian registered vessels, there are two (2) Panamanian incorporated companies that are part of Seabird Exploration Finance Ltd. group, and who granted a series of security documents to guarantee the transaction. 

ARIFA shipping legal team coordinated not only the security granting for this transaction, but also the release of the previous security that was re-financed by the notes issuance.  They took care of privately administrative matters for instance in respect to pledges of shares in the Panamanian companies, and also administrative matters to perfect the security over the vessels and certain general pledges of assets by the Panamanian companies, which are one of the few currently registered at the Public Registry of Panama.  They also worked closely with the issuer's foreign counsel to comply with the CP's from Panama, and took care of all corporate matters and matters related to the vessels in order to ensure the proper granting and perfection of the respective security.