Arias, Fábrega & Fábrega represented DVB Bank SE in connection with the financing made available to Bulk Pangaea Limited, Bulk Patriot Ltd., Bulk Juliana Ltd., Bulk Trident Ltd., Bulk Providence Ltd. and Bulk Phoenix Ltd., bulk cargo commercial transportation companies, for post-delivery facilities in the aggregate principal amount of US$48 million, in connection with six (6) Panamanian flag bulk cargo vessels, secured by, among other security, six (6) naval mortgages of first priority over the vessels Bulk Pangaea, Bulk Patriot, Bulk Juliana, Bulk Providence, Bulk Trident and Bulk Newport.

The original financing was structure under a cross-collateralization security package over the Bulk Pangaea, Bulk Patriot, and Bulk Juliana, with several lenders.  Pursuant to the new financing structure, the previous facilities were paid off and the security package was released.  The new financing involved facilities made available to the three original companies and three new companies, to finance six (6) bulk cargo vessels.  The firm assisted the previous lenders and mortgagees in the release of the previous security package and the new lenders and mortgagee with the new agreements and security granting.  In order to guaranty a smooth closing, the ship owners and the mortgagee empowered us to execute the security package on their behalf (including the respective releases).  Hence, teh firm also had to verify corporate authorizations under European and Bermuda law. ARIFA lawyers were entrusted with completing the preliminary and definitive registrations of the six (6) naval mortgages in Panama.