DGAP-Adhoc

Marenave Schiffahrts AG: Two financing banks deny support as to restructuring concept negotiated so far; Management Board examines going concern forecast

Marenave Schiffahrts AG / Key word(s): Letter of Intent/Banking Syndicate

07.11.2016 23:26

Disclosure of an inside information according to Article 17 MAR,
transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Marenave Schiffahrts AG ("Marenave" or "Company") was notified today by two
banks financing the Marenave-fleet, that the restructuring concept, which
has been negotiated so far and for which all financing banks of
Marenave-Group had signed a letter of intent subject to approval by the
banks' respective bodies on 6 June 2016, against the Company's expectations
and despite positive estimates of the banks' negotiators will not be
supported.

This restructuring concept, announced in an ad-hoc announcement on 6 June
2016, 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.

Against this background, the Management Board of the Company is now
carefully examining whether the positive going concern forecast for
Marenave can continue to be upheld. The company will communicate the
results of this review as soon as possible.

The Management Board


07.11.2016 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de

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Language: English
Company: Marenave Schiffahrts AG
Caffamacherreihe 7
20355 Hamburg
Germany
Phone: 040 / 28 41 93 0
Fax: 040 / 28 41 93 297
E-mail: [e-mail]
Internet: www.marenave.com
ISIN: DE000A0H1GY2
WKN: A0H1GY
Listed: Regulated Market in Hamburg; Regulated Unofficial Market in
Berlin, Munich; Open Market in Frankfurt

End of Announcement DGAP News-Service

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