Under pressure German owner Marenave Schiffahrts has received some solace. Having seen two banks reject its restructuring plan three weeks ago putting it at risk of insolvency it has since been in touch with a number of creditors and now thinks it can continue as a going concern, at least until December 9 at which point another restructuring announcement will be made.
In June this year the struggling German line finally managed to agree a deal with its banks to sell off the entire fleet of the company as part of a desperate restructuring plan. However, since then two creditors have backed out of this tentative deal with Splash understanding falling asset prices were cited for the disagreement.
