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Ultrapetrol Bahamas Ltd, et al. – ‘F-4’ on 1/24/05 – EX-5.3

On:  Monday, 1/24/05, at 5:20pm ET   ·   Accession #:  950123-5-623   ·   File #s:  333-122254, -01, -02, -03, -04, -05, -06, -07, -08, -09, -10, -11, -12, -13, -14, -15, -16, -17, -18, -19, -20, -21, -22, -23

Previous ‘F-4’:  None   ·   Next:  ‘F-4/A’ on 1/26/05   ·   Latest:  ‘F-4/A’ on 11/29/13

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 1/24/05  Ultrapetrol Bahamas Ltd           F-4                   51:5.2M                                   RR Donnelley/FA
          Kingly Shipping Ltd
          Regal International Investments SA
          Ultrapetrol SA
          Danube Maritime Inc.
          Imperial Maritime Ltd (Bahamas) Inc.
          Baldwin Maritime Inc.
          Cavalier Shipping Inc.
          Kattegat Shipping Inc.
          Corporacion de Navegacion Mundial SA
          Oceanview Maritime Inc.
          Princely International Finance Corp.
          Parkwood Commercial Corp.
          Tipton Marine Inc.
          Ultrapetrol International SA
          Majestic Maritime Ltd.
          Massena Port SA
          Sovereign Maritime Ltd.
          Stanmore Shipping Inc.
          Riverview Commercial Corp.
          Parfina SA
          Oceanpar SA
          Bayham Investments SA
          Up Offshore (Holdings) Ltd.

Registration Statement of a Foreign Private Issuer for Securities Issued in a Business-Combination Transaction   —   Form F-4
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: F-4         Ultrapetrol (Bahamas) Ltd.                          HTML   3.04M 
 2: EX-3.1      Articles of Incorporation & By-Laws of Ultrapetrol    33    165K 
                          Ltd.                                                   
11: EX-3.10     Memo of Association & Articles of Association of      11     58K 
                          Kingly Shipping Ltd.                                   
12: EX-3.11     Memo of Association & Articles of Association of      10     56K 
                          Majestic Maritime Ltd.                                 
13: EX-3.12     Articles of Incorporation & By-Laws of Massena        16     57K 
                          Port S.A.                                              
14: EX-3.13     Memo and Article of Association of Monarch            11     57K 
                          Shipping Ltd.                                          
15: EX-3.14     Memo and Article of Association of Noble Shipping     11     58K 
                          Ltd.                                                   
16: EX-3.15     Articles of Inc. & By-Laws of Oceanpar S.A.           22     87K 
17: EX-3.16     Articles of Inc. & By-Laws of Oceanview Maritime      21     61K 
                          Inc.                                                   
18: EX-3.17     Articles of Inc. & By-Laws of Parfina S.A.            14     61K 
19: EX-3.18     Articles of Inc. & By-Laws of Parkwood Commercial     19     61K 
                          Corp.                                                  
20: EX-3.19     Articles of Inc. & By-Laws of Princely Int'L.         29     80K 
                          Finance Corp.                                          
 3: EX-3.2      Articles of Incorporation & By-Laws of Baldwin        29     75K 
                          Maritime Inc.                                          
21: EX-3.20     Memo and Article of Association of Regal Int'L.       26     72K 
                          Investments S.A.                                       
22: EX-3.21     Articles of Inc. & By-Laws of Riverview Commercial    17     60K 
                          Corp.                                                  
23: EX-3.22     Memo and Article of Association of Sovereign          11     57K 
                          Maritime Ltd.                                          
24: EX-3.23     Articles of Inc. & By-Laws of Stanmore Shipping       18     60K 
                          Inc.                                                   
25: EX-3.24     Articles of Inc. & By-Laws of Tipton Marine Inc.      22     62K 
26: EX-3.25     Articles of Inc. & By-Laws of Ultrapetrol Int'L.      19     57K 
                          S.A.                                                   
27: EX-3.26     Articles of Inc. & By-Laws of Ultrapetrol S.A.        26    120K 
28: EX-3.27     Memo and Article of Association of Up Offshore        24     95K 
                          Ltd. Ltd.                                              
 4: EX-3.3      Articles of Incorporation & By-Laws of Bayham         18     61K 
                          Investments S.A.                                       
 5: EX-3.4      Articles of Incorporation & By-Laws of Cavalier       18     60K 
                          Shipping Inc.                                          
 6: EX-3.5      Articles of Incorporation & By-Laws of De              5     33K 
                          Navegacion Mundial Inc.                                
 7: EX-3.6      Articles of Incorporation & By-Laws of Danube         16     60K 
                          Maritime Inc.                                          
 8: EX-3.7      Articles of Incorporation & By-Laws of General        15     66K 
                          Venture Inc.                                           
 9: EX-3.8      Articles of Incorporation & By-Laws of Imperial       19     67K 
                          Maritime Ltd.                                          
10: EX-3.9      Articles of Incorporation & By-Laws of Kattegat       12     47K 
                          Shipping Inc.                                          
29: EX-4.2      Registration Rights Agreement                         23    106K 
30: EX-4.3      Indenture                                            155    664K 
31: EX-5.1      Form of Opinion of Seward & Kissel LLP                 4     29K 
32: EX-5.2      Form of Opinion of Perez, Alati Etal.                  2     27K 
33: EX-5.3      Form of Opinion of Higgs & Johnson                     4     28K 
34: EX-5.4      Form of Opinion of Barros & Errazuriz Abogados         3     28K 
                          Ltd.                                                   
35: EX-5.5      Form of Opinion of Seward & Kissel LLP                 2     26K 
36: EX-5.6      Form of Opinion of Palacios, Prono & Talavera          3     27K 
37: EX-5.7      Form of Opinion of Tapia, Linares Y Alfaro             3     28K 
38: EX-5.8      Form of Opinion of Ramela & Regules Rucker,            3     28K 
                          Abogados                                               
39: EX-8.1      Form of Opinion of Seward & Kissel LLP                 2±    24K 
40: EX-10.2     Form of Insurance Assignment                          12     47K 
41: EX-10.3     Form of Earnings Assignment                           10     44K 
42: EX-10.4     Escrow Agreement                                      24     95K 
43: EX-12.1     Computation of Ratio or Earnings to Fixed Charges      2±    27K 
44: EX-21.1     List of Subsidiaries                                   4     32K 
45: EX-23.1     Consent of Independent Accounting Firm                 2     23K 
46: EX-23.2     Consent of Doll Shipping Consultancy                   1     23K 
47: EX-25.1     Statement of Eligibility                              47    111K 
48: EX-99.1     Form of Letter of Transmittal                         16     76K 
49: EX-99.2     Form of Letter to Securities Brokers Etal.             2±    25K 
50: EX-99.3     Form of Letter to Clients                              2     29K 
51: EX-99.4     Form of Notice of Guaranteed Delivery                  4     31K 


EX-5.3   —   Form of Opinion of Higgs & Johnson

EX-5.31st Page of 4TOCTopPreviousNextBottomJust 1st
 

EXHIBIT 5.3 January _________, 2005 Ultrapetrol (Bahamas) Limited c/o H&J Corporate Services Ltd. Shirlaw House 87 Shirley Street P.O. Box SS-19084 Nassau, Bahamas RE: 9% FIRST PREFERRED SHIP MORTGAGE NOTES DUE 2014 Ladies and Gentlemen: We have acted as special Bahamian counsel to Ultrapetrol (Bahamas) Limited, a Bahamian company (the "COMPANY") and to the Company's Bahamian subsidiaries listed on Exhibit A hereto (each a "GUARANTOR" and collectively the "GUARANTORS" in connection with the Company's Registration Statement on Form F-4 (the "REGISTRATION STATEMENT") as filed with the United States Securities and Exchange Commission (the "COMMISSION"), with respect to the Company's offer to exchange up to $180,000,000 of the Company's 9% First Preferred Ship Mortgage Notes due 2014 (the "EXCHANGE NOTES") for an identical principal amount at maturity of its outstanding 9% First Preferred Ship Mortgage Notes due 2014 (the "OUTSTANDING NOTES"). The Exchange Notes are to be issued pursuant to an Indenture dated as of November 24, 2004 between the Company, the Guarantors and Manufacturers Traders and Trust Company, as Trustee (the "INDENTURE") and, when issued, will be guaranteed by the Guarantors (the "GUARANTEES") pursuant to the Indenture. Capitalized terms not defined herein have the meanings ascribed to them in the Registration Statement. We have examined originals or copies, certified or otherwise identified to our satisfaction, of: (i) the Registration Statement; (ii) the prospectus of the Company included in the Registration
EX-5.32nd Page of 4TOC1stPreviousNextBottomJust 2nd
ULTRAPETROL (BAHAMAS) LIMITED JANUARY______, 2005] PAGE 2 Statement; (iii) the Indenture; (iv) the form of the Outstanding Notes; (v) the form of the Exchange Notes; and (vi) such corporate documents and records of the Company and the Guarantors and such other instruments, certificates and documents as we have deemed necessary or appropriate as a basis for the opinions hereinafter expressed. In such examinations, we have assumed the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as copies or drafts of documents to be executed, the genuineness of all signatures and the legal competence or capacity of persons or entities (whoever are or will become signatories thereto) to complete the execution of documents. As to various questions of fact that are material to the opinion hereinafter expressed, we have relied upon statements or certificates of public officials, directors or officers of the Company and the Guarantors and others. We have further assumed for the purposes of this opinion that each of the Indenture and all documents contemplated by the Indenture to be executed in connection with the issuance of the Exchange Notes and Guarantees have been duly authorized and validly executed and delivered by each of the parties thereto other than the Company and the Guarantors. Based upon and subject to the foregoing, and having regard to such other legal considerations which we deem relevant, we are of the opinion that the Exchange Notes and Guarantees have been duly authorized, executed and delivered by the Company and the Guarantors. We hereby confirm that the discussion under the headings "Enforceability of Civil Liabilities," "Summary of the Terms of the Exchange Notes: Additional Amounts," and "Tax Considerations -Bahamian Tax Considerations" contained in the Registration Statement, insofar as such discussion represents legal conclusions or statements of Bahamian law, subject to the limitations and conditions set forth therein, constitutes the opinion of Higgs & Johnson. It is our further opinion that the discussion set forth under such captions accurately states our views as to the matters discussed therein.
EX-5.33rd Page of 4TOC1stPreviousNextBottomJust 3rd
ULTRAPETROL (BAHAMAS) LIMITED JANUARY______, 2005] PAGE 3 This opinion is limited to the laws of the Commonwealth of The Bahamas. This opinion is rendered as of the date hereof, and we have no responsibility to update this opinion for events or circumstances occurring after the date hereof, nor do we have any responsibility to advise you of any change in the laws after the date hereof. We hereby consent to the filing of this opinion as an exhibit to the Registration Statement to be filed with the Commission with respect to the Exchange Notes, without admitting we are "experts" within the meaning of the Securities Act of 1933, as amended, or the rules and regulations of the Commission thereunder with respect to any part of the Registration Statement. Very truly yours, HIGGS & JOHNSON
EX-5.3Last Page of 4TOC1stPreviousNextBottomJust 4th
EXHIBIT A LIST OF BAHAMIAN SUBSIDIARIES [Download Table] NAME JURISDICTION OF INCORPORATION ---- ----------------------------- Kingly Shipping Ltd. Bahamas Majestic Maritime Ltd. Bahamas Monarch Shipping Ltd. Bahamas Noble Shipping Ltd. Bahamas Sovereign Maritime Ltd. Bahamas UP Offshore (Holdings) Ltd. Bahamas

Dates Referenced Herein   and   Documents Incorporated by Reference

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Filed on:1/24/05
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