Ernst Russ Wants More Say at Marenave

Ernst Russ German asset and investment management company Ernst Russ seems to be on the path of seizing control of compatriot Marenave Schiffahrts AG. Namely, the asset manager, which holds a minority stake in Marenave, has sought removal of Klaus Meyer as a member of the companys supervisory board with effect on September 15, 2017, when an annual general meeting is scheduled to take place. Ernst Russ has further asked for the election of Jens Mahnke, Member of the Management Board and Spokesman of the Executive Board of Ernst Russ AG, to replace Meyer. The asset manager also wants the companys supervisory board to be enlarged to four members, and the addition spot to be given to Hans Michael Schmidt-Dencker, a Stuttgart-based attorney, and corporate consultant. What is more, it has also proposed for the cancellation of the authorization granted by the Annual General Meeting on 11 June 2015 to issue bonds with warrants and/or convertible bonds, the exclusion of the subscription right and the creation of conditional capital. In addition, Ernst Russ announced that it intends to vote against the ordinary capital reduction proposed by the company. In April, German shipping trust Marenave agreed with its financing banks on the company’s restructuring terms, which required the sale of the entire Marenave fleet. On March 31, the company entered into an agreement on restructuring and release of liability, and a waiver and liquidation agreement with its financing banks. The shipping trust started its negotiations with the financing banks in late 2016 in order to avoid insolvency after it received notice from two banks financing the Marenave-fleet stating that Marenave’s restructuring concept will not be supported. The latest move from Ernst Russ is likely to disrupt Marenaves restructuring process.   World Maritime News Staff