Two Banks Deny Support to Marenave Schiffahrts

Marenave Schiffahrts Two financing banks have notified the German-based shipping trust Marenave Schiffahrts that its restructuring concept, which has been negotiated so far, will not be supported. Namely, the company said that all financing banks of Marenave-Group had signed a letter of intent on the restructuring concept, subject to approval by the banks respective bodies, on June 6, 2016. This restructuring concept provided on the one hand for a sale of the entire Marenave-fleet for the best possible repayment of the ship financing loans which were granted by the banks to the single ship subsidiaries and guaranteed by the company and on the other hand for a release of the company, under certain prerequisites, from any liability. In the opinion of the Management Board the release from liability is an essential requirement for the entry of a potential investor, Marenave said. Following the latest update, the Management Board of the company is now carefully examining whether the positive going concern forecast for Marenave can continue to be upheld.