German investors are coming to the rescue of Hamburg’s struggling Marenave Schiffahrts.
Marenave has managed to conclude an investment agreement with a subsidiary of the Offen Group and DEVK Allgemeine Versicherungs-Aktiengesellschaft for a firm EUR2m as well as another planned EUR14m, potentially saving the line from the financial abyss. The deal is subject to Marenave’s banks easing off the strict liabilities the German line faces at the moment. Offen Group will be represented on the board of directors pursuant to the deal taking effect.
Ernst Russ had previously been building up a stake in Marenave. The line has until February 28 to submit a restructuring plan for creditors to agree upon.