Ad-hoc | 10 March 2010 16:51
Marenave Schiffahrts AG / Agreement
10.03.2010 16:51
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Marenave Schiffahrts AG announces that an agreement has today been reached
with one of its financing banks regarding alleged breaches of obligations
under a framework agreement and in individual ship mortgage loans.
The bank believed that obligations under the loan agreement (loan to value
ratio) had not been adhered to, for which reason it refused to disburse a
loan to a subsidiary in the amount of USD 24.52 million that had already
been approved.
The agreement now reached provides for cancelling the aforementioned loan
commitment and instead granting the subsidiary a new, separate credit line
up to a maximum of USD 12.65 million, earmarked for the purpose of settling
payments due under individual credit facilities provided to other
subsidiaries of Marenave Schiffahrts AG. The separate credit line must be
repaid by no later than 30 May 2013. Any payment of dividends on the part
of Marenave Schiffahrts AG during the draw period of the separate credit
line without the consent of the bank would violate the conditions of the
agreement reached.
The agreement also provides for temporarily increasing the margin on all of
the credit facilities currently supplied by the bank until 1 March 2012.
This will result in expenses of approximately USD 1.0 million in financial
year 2010, approximately USD 2.0 million in financial year 2011 and
approximately USD 0.5 million in financial year 2012 for the group in which
Marenave Schiffahrts AG is consolidated.
In return, the bank has agreed to waive until 1 March 2012 the enforcement
of certain obligations to which it would otherwise be entitled based on the
alleged breaches of obligations under the credit agreement.
The Executive Board
10.03.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Marenave Schiffahrts AG
Axel-Springer-Platz 3
20355 Hamburg
Deutschland
Phone: 040 / 28 41 93 0
Fax: 040 / 28 41 93 297
E-mail: info@marenave.com
Internet: www.marenave.com
ISIN: DE000A0H1GY2
WKN: A0H1GY
Listed: Regulierter Markt in Hamburg; Freiverkehr in Berlin, München;
Open Market in Frankfurt
End of News DGAP News-Service
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