Reflagging of vessel - Avenir Advantage
Acted as Malaysian counsel for the finance parties in connection with the amendments required to an existing US$28,200,000 facility agreement granted by Danske Bank A/S to Avenir (L) Pte Ltd, a Labuan incorporated entity, as borrower, following the reflagging of a mortgaged vessel, “Avenir Advantage” which is owned by the borrower, from the Malaysian flag to the Maltese flag.
Rahmat Lim & Partners advised on and coordinated the transfer and reflagging process in respect of the vessel, overseeing the discharge of the existing suite of security documents following the reflagging and changes to the ship registry of the vessel, and the execution of new security documentation. The team also liaised closely with officers of the Malaysia Marine Department Information System to ensure a seamless release and transition of the security package.
Advising Danske Bank A/S were Partners Soh Yin Chuin and Florence Yong.
