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Time marches on for beleaguered Marenave

Time marches on for beleaguered Marenave

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Endangered Hamburg owner Marenave Schiffahrts has managed to get yet another extension from its creditors to hold off demanding backpayments. Marenave now has until the end of this month to get a restructuring in place.

“The negotiations on agreements on the restructuring and release of liability between the company and the financing banks are being continued,” the company said in a release today.

Last month, Splash reported that the Offen Group and another German investor had agreed to stump the necessary cash to stave off bankruptcy at Marenave. Ernst Russ had previously been building up a stake in the line.

 

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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