Cash strapped Hamburg owner Marenave has announced that it has entered into an agreement for the sale of its only car carrier Hoegh Berlin as a prerequisite for implementation of restructuring and release agreements with banks.
The company has made arrangement with both the buyer, who was not revealed, and charterer to keep the current charter in place.
Marenave said the deal is a necessary step for the company’s restructuring process.
The company signed agreements with the majority of financing banks of its fleet on March 31. The agreements include the sale of the entire Marenave fleet and the company will be released from all liability in connection with the obligations taken on to secure the ship financing loans and will receive a certain amount to finance its business as a going concern.
Marenave plans to use the partial proceeds received from the deal in the near future to finance company operations and the preparation of capitalization measures to be resolved at the company’s general meeting, which are aimed at building up a new fleet.