Arias, Fábrega & Fábrega represented VA Intertrading Aktiengesellschaft in connection with the preliminary and definitive registration of First Naval Mortgages over the vessels Carmen Silva and Aysa Nehir granted by Myfair Maritime LTD., over the vessel "Carmen Silva”.

The mortgaging was made in connection with the foreclosure of the vessel Carmen Silva, in which we also assisted in respect to judicial proceeding, where the vessel was ultimately sold and acquired by the bank; however, the purchaser could not afford to pay the totality of the price and the bank further accepted that the purchase price was to be paid in instalments, and the same being secured by the Mortgages.

This posed special drafting of documentation and advice to the client on possible risks and assessing the viability of the transaction as a whole.

At present we are coordinating actions to be made in connection with the discharge of the mortgages with the possible sale of the vessel "Carmen Silva" to cover all outstand amounts.