The ship will go to Silversea Cruises, renamed Silver Endeavour. Delivery will take pace this month.
The sale followed Crystal Endeavor's March arrest in Gibraltar after the insolvency of Genting Hong Kong and Crystal Cruises.
Export credit financing guarantee
The firm is also advising on the associated financing to Royal Caribbean Group, which said it is paying $275m in a purchase fully financed by a 15-year unsecured term loan guaranteed by the German export credit agency Euler Hermes, with no amortization payments in the first two years.
Norton Rose Fulbright has advised KfW IPEX-Bank and other lenders since January on the implications of the Genting HK and Crystal Cruises insolvency proceedings and related insolvency proceedings in Germany with respect to MV Werften under various export credit agency-supported financings, and the consequential impact on a number of ships.
'Particularly complicated mandate'
The firm’s work has included advising on security enforcement, ship arrest proceedings in various jurisdictions and complicated maritime claims arising from the operation of such vessels.
'This has been a particularly complicated mandate, involving multiple stakeholders, jurisdictions and different areas of law,' said Andrew Williams, partner at Norton Rose Fulbright leading the team advising KfW IPEX-Bank GmbH since January.
He expressed gratitude to KfW IPEX-Bank for entrusting the firm with this work, adding he's 'highly appreciated the particularly close way in which our teams have worked together' and predicting Silver Endeavour will have a 'long and successful future' in the Silversea fleet.
Team members
The Norton Rose Fulbright team also included partners Simon Hartley (leading on the Royal Caribbean Group financing), Timo Noftz (leading on German law matters) and Charlotte Winter (leading on dispute resolution matters).
The team was supported by senior consultant Rob Driver, counsel Michelle Tsui, senior associates Matthew Bambury and Michael Volks, and associate Scott Speirs. Triay Lawyers advised KfW IPEX-Bank in respect to the laws of Gibraltar and Trenam Law advised in respect to the laws of Florida.
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