Marenave Schiffahrts minimum repayment structure extended to June 30

By Caroline Salls

Pittsburgh, Feb. 16 – Marenave Schiffahrts AG reached an agreement with the bank consortium financing its eight product tanker and container shipping companies to extend the repayment structure agreed in an April 2013 restructuring agreement and related amendments until June 30, according to a news release.

Marenave said the restructuring agreement provided for a variable repayment structure of the loans granted to the shipping companies by the bank consortium, subject to certain minimum repayments and minimum liquidity limits, based on the respective operative cash-flows of the eight shipping companies until the end of 2015.

The company said this structure effectively led to significantly reduced repayment obligations of the respective shipping companies. 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.

Under Monday’s agreement, the minimum repayment structure initially agreed to run until the end of 2015 is extended to June 30.

By that date at the latest, Marenave said a sustainable restructuring concept that includes the entire financing of the Marenave group should be finalized.

The company said the repayment obligations of the shipping companies for the first half of 2016 are thus being reduced by $10.3 million.

Marenave is a Hamburg, Germany-based shipping trust.

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