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DGAP-Adhoc Marenave Schiffahrts AG: Agreement with bank consortium on the extension of the repayment rates

Nachrichtenquelle: EQS Group AG
15.02.2016, 21:27  |  625   |   |   

Marenave Schiffahrts AG / Key word(s): Financing

15.02.2016 21:27

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


Ad-hoc announcement pursuant to Section 15 of the German Securities
Trading Act (WpHG)

Agreement with bank consortium on the extension of the repayment rates

Marenave Schiffahrts AG ("Marenave" or "Company") has today reached an
agreement with the bank consortium financing Marenave's eight product
tanker and container shipping companies to extend the repayment structure
agreed in the restructuring agreement dated 24 April 2013 and its
amendments (the "Restructuring Agreement") until 30 June 2016.

The Restructuring Agreement provided for a variable repayment structure of
the loans granted to the shipping companies by the bank consortium based -
subject to certain minimum repayments and minimum liquidity limits - on the
respective operative cash-flows of the eight shipping companies until the
end of 2015. This structure effectively led to significantly reduced
repayment obligations of the respective shipping companies (so-called
minimum repayment structure). In return, the Restructuring Agreement
provided for higher, fixed quarterly repayment rates as of 2016 in order to
compensate the repayment arrears accrued until the end of 2015 over the
remaining period of the respective loans.

With today's agreement the minimum repayment structure initially agreed in
the Restructuring Agreement to run until the end of 2015 has been extended
until 30 June 2016 for the time being. By then at the latest, a sustainable
restructuring concept that includes the entire financing of the
Marenave-group should be finalized on the basis of an IDW-S6-restructuring
opinion. The repayment obligations of the shipping companies for the first
half of 2016 are thus being reduced by approx. USD 10.3 in the aggregate.

The Management Board

15.02.2016 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de


Language: English
Company: Marenave Schiffahrts AG
Caffamacherreihe 7
20355 Hamburg
Phone: 040 / 28 41 93 0
Fax: 040 / 28 41 93 297
E-mail: info@marenave.com
Internet: www.marenave.com
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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