Marenave Gets Some Breathing Space

Marenave Schiffahrts Hamburg-based shipping trust Marenave Schiffahrts has managed to secure some breathing space from financing banks which said they will not seriously demand payment in light of pending restructuring negotiations. The company received written declarations of the relevant financing banks, according to which they will extend their statements not to seriously demand payment of the amounts due under the respective ship financing loans and under the corresponding guarantees given by Marenave until 28 February 2017. Marenave said that these statements are subject to immediate revocation notably in case that certain milestones are not reached in due time or to the banks’ satisfaction. The negotiations on agreements on the restructuring and release of liability between the company and the financing banks are being continued. 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.