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MPC Container Ships completes rapid recapitalisation process

Shareholders have backed MPC Container Ships’ rescue package of a private placement of 260m new shares, raising gross proceeds of NOK260m ($27.5m), and a subsequent repair offering of up to 35m new shares at a subscription price of NOK1, giving the company leeway to carry on as a going concern.

CEO Constantin Baack commented yesterday: “Today’s general meeting represents an essential final step in the company’s recapitalisation process. In the midst of a very challenging environment for the container shipping industry, our employees and business partners have demonstrated a commendable dedication towards MPC Container Ships.”

Oslo-listed MPC Container Ships, owners of one of the fastest growing boxship fleets in the world in recent years, first flagged severe liquidity concerns in May and has since been in dialogue with creditors, bondholders and shareholders to stave off bankruptcy.

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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