Marenave Resumes Fight for Survival

Germany’s shipping trust Marenave Schiffahrts AG is not backing down from its fight for survival despite various hurdles that came its way over the recent period.

Marenave said it is preparing an alternative future and capital increase concept, which will be presented to the company’s shareholders at the upcoming annual general meeting.

“This concept has relevance not only for a valid assumption of the company as a going concern for the purposes of accounting; it is also due to be presented to the shareholders at the upcoming annual general meeting, together with the by then audited annual and consolidated financial statements for 2016,” the company said in a release.

“The Executive Board and Supervisory Board of Marenave will endeavor to conclude the process by the end of 2017.”

The new capital increase scheme is being devised on the back of rejection of the company’s proposed capital reduction in September, which was a condition for implementing the restructuring concept of the company.

Consequently, the investment agreement involving CPO Investments GmbH & Co. KG (Offen Group) and DEVK Allgemeine Versicherungs-Aktiengesellschaft fell through.

Marenave completed the sale of its fleet at the end of last month.

The sale, which was carried out through a bank-driven process, saw a mix of six tankers, two containerships, four bulk carriers and a car carrier sold. The majority of the fleet was disposed of in March, May and June, respectively, while the final two ships were sold in the second half of September.

The company completed its restructuring in July, when it was released from the remaining liabilities owed to the banks as it completed the sale of its car carrier.

As disclosed earlier, the completed financial restructuring, coupled with the sale of the rest of the fleet, is expected to clear the way for Marenave “to build up a new fleet and carry out other maritime projects.”

World Maritime News Staff