Morgan & Morgan advised Tri Marine International in the constitution of Maritime Mortgage for an amount of up to US$4,800,000.00
October, 2014 - Panama, Panama
Morgan & Morgan and García & Bodán Honduras, worked together to constitute a Maritime Mortgage in favor of their client Tri Marine International for an amount of US$4,800,000,00, which supported various fishing contracts signed between Tri Marine and its providers worldwide, to provide funding.
Tri Marine is an important tuna provider (yellowfin, between others), the company operations include a refrigerated fleet of fishing vessels that operates in the Pacific, together with other affiliated and hired vessels. It also operates more than a dozen of processing plants around the world. In this sense, both law firms provided legal services in order to prepare and formalize a mortgage over a vessel with Honduran flag. The ship responds for the obligations generated as the result of the line of credit that was granted by Tri Marine so that the foreign society, owner of the vessel, could continue its operations under international regulations, as well as the parameters established by the Tri Marine, who subsequently sells its product.
The transaction which involves companies from different nationalities that respond both through their vessels registered in Honduras as well as in other jurisdictions, as well as solidary guarantors of different nationalities.
In the transaction participated Vanessa Oquelí from García & Bodán Honduras, and Gianela Rivas from Morgan & Morgan Panama, both with extensive experience in maritime issues.
