Germany’s Marenave Schiffahrts group and its banks have agreed to extend their loan repayment structure by a further six months until June 30.
The eight companies in the group will consequently have their repayment obligations reduced by around $10.3m in total during the first half of 2016, Marenave Schiffahrts said today.
The scheme was initially agreed and included in the group’s restructuring agreement dated April 24, 2013, and was due to terminate at the end of last year.
The fixed quarterly repayment rates will be hiked during 2016 in order to compensate the arrears accrued until the end of 2015 over the remaining period of the respective loans.
The repayments will be made 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