CSAV pulls together emergency fund deal

Chilean container shipping line CSAV has staved off the spectre of bankruptcy after it put together a US$710m capital raising plan in agreement with the Hamburg-based shipowners that own much of its chartered fleet. CEO Juan Antonio Alvarez said that a $130m capital raising programme through existing shareholders was underway and expected to be concluded in June. A second capital increase of $220m will follow that, while a group of Hamburg shipowners have guaranteed to raise a third tranche of $360m.