DOCK 12 SAILED AWAY TO LITHUANIA
August 01, 2017.
After successfully completed legal transaction DOCK 12 sailed away to Lithuania
With lifting capacity of 33.000 tons and 250 meters-long, one of the biggest docks in the Adriatic region was sold last June in a public sale of bankruptcy assets of „Adriatic Shipyard” AD Bijela in bankruptcy, Montenegro.
From its construction in 1976 until the day it sailed to the new owner, Dock 12 used to host many ships which needed a repair during their voyages through the Adriatic and Mediterranean waters. Launching and carriage of the Dock upon the sale was almost equally fascinating as its rich history: after it was pulled-out from Boka Bay by four very powerful tugs, the Dock was loaded on board the m/v Dockwise Vanguard, one of the biggest heavy-lift ships ever built.
Dock 12 was sold to the most favorable bidder, Lithuanian company “Vakarų laivų gamykla” –“ Western Shipyard” (“the Buyer”) who is a member of BLRT Grupp which is the largest industrial holdings in the region of the Baltic Sea. Today it unites 54 subsidiaries and 3 joint ventures in Finland, Estonia, Latvia, Lithuania, Poland, Russia and Ukraine.
During the whole transaction, starting with March 2016, Abaco Ltd and Law Office Milošević (LOM) have been entrusted by the Buyer to provide a vast range of services - before, during and after the public sale of the dock. Apart from drafting and preparation of the sale and purchase agreement, such services included, inter alia:
- analyzing the legal status of the dock and possibilities of acquiring the dock through the public sale in a most reasonable procedure and free from third parties’ rights;
- preparing and submitting the bid and other documents required by the bankruptcy administration;
- representation before the Commercial Court of Montenegro, Bankruptcy Trustee, tax authorities, Harbour Master’s Office, banks and other relevant authorities in Montenegro and
- all other legal services pertinent to the transaction.
Abaco Ltd and LOM undertook the overall coordination of all subsequent actions necessary for the effective enforcement of the sale and purchase agreement. In particular, our team undertook both technical and legal organization of the repair works on the dock as well as its loading on board the m/v Dockwise Vanguard. Also, our team provided the necessary insurance in place, handled relevant customs procedures and acted on behalf of the client before the port authorities.
Also, our team participated in sale and purchase of the Dock 6 (know as the “small dock“) as buyer's legal representatives which will leave Bijela in these couple of days as well. This 184 meters-long dock was sold from bankruptcy estate in May this year to the Turkish shipyard "Ozata Tersanecilik Sanayi ve Ticaret Limited Sirketi". Abaco and LOM acted for the buyer in the public bid procedure and as it was the case with the Dock 12, our team provided a full range of legal services leading to conclusion and final execution of the sale and purchase agreement.