Lawrence Graham Urges Swift Action On Problem Deals

Thursday, July 05, 2001
Lawrence Graham says shipping companies caught up in disputes involving insolvency and receivership need not come away from the table empty-handed, provided the dispute is handled correctly. In the latest issue of its Lawgram newsletter, Lawrence Graham explains that it was recently called in to advise on the legal aspects of a dispute involving a trawler being built at Romania's Manglia yard. The yard was hit by labour disputes, and the company which placed the order for the vessel missed its repayment to the bank. There was a dispute about payment guarantees, a late-delivery claim by the Scandinavian end-buyer, a claim by the yard for outstanding construction bills, and an argument over an advance VAT guarantee paid to the Romanian authorities. The dispute was settled quickly, despite the fact that it involved five different jurisdictions, three key languages, and several corporate and financial disciplines. Lawrence Graham partner Mike Lax says, "Even business deals with seemingly cast-iron financial guarantees should be closely monitored from the start. Once it becomes clear that there is a problem, immediate action should be taken to identify and manage the risk of financial loss. And careful consideration should be given to the choice of solution. While in many cases it may be more straightforward to abandon the original deal, it might be better to simply restructure the arrangement. It can be easier to tie up existing loose ends than risk creating new ones."
Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Deal to End Lockout at Canada Uranium Mine

Canadian uranium producer Cameco Corp and the United Steelworkers union, which represents 535 workers at the world's largest uranium mine and a nearby mill,

Oil Refiner Bound to Goldman, Deutsche Fee Agreements - NY Judge

CVR Energy Inc is bound by agreements to pay Goldman Sachs Group Inc and Deutsche Bank AG more than $36 million in fees and expenses stemming from billionaire

Yang Ming Extends Charter Terms for Five 14,000-TEU Ships

Seaspan Corporation announced today that Yang Ming Marine Transport Corp., has confirmed the term of the fixed-rate time charters for the five 14000 TEU SAVER

Offshore

Brazil to Hold Next Oil Rights Auction in 2015

Brazil will hold the 13th round of its oil rights auctions in the first half of next year, a senior mines and energy ministry official said on Monday. Marco Antonio Martins,

Swissco Acquires Its First Liftboat

New asset expands and diversifies fleet offerings, enhancing the group’s value proposition to oil and gas majors as a comprehensive marine services provider; liftboatoat

Vard Orders Rolls-Royce Equipment for Rem OCV/AH

Rolls-Royce has won a £19m contract with the Norwegian shipbuilding group Vard to deliver deck machinery, propulsion and engines to a new offshore construction

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1052 sec (10 req/sec)