MARNA Beteiligungen AG

Capital/Financing Update • Jul 7, 2017

News Details

Corporate | 7 July 2017 10:30

Marenave Schiffahrts AG: Financial restructuring successfully completed

DGAP-News: Marenave Schiffahrts AG / Key word(s): Capital Reorganisation/Financing

07.07.2017 / 10:30

The issuer is solely responsible for the content of this announcement.

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7 July 2017

Press release

**Marenave Schiffahrts AG: Financial restructuring successfully completed.

Release from liability becomes effective after surplus in proceeds from car carrier sale have been distributed to banks**

Hamburg: Following partial repayment Marenave Schiffahrts AG ( Marenave or the Company ) has been successfully released from the remaining liabilities owed to the banks financing the Marenave fleet in connection with the obligations taken on to secure the ship financing loans. This means that the financial restructuring of the Company has now been successfully completed. The definitive basis for Marenave’s release from liability had already been agreed with the relevant banks on 31 March 2017 (see the relevant ad hoc notification of 31 March 2017) and was triggered by the transfer of the substantial part of the cash available from the sale of the car carrier previously owned by the former Marenave subsidiary, MS Mare Berlin Schiffahrts GmbH, to the banks financing the rest of the Marenave group, which took place after an existing bank loan for the ship itself had first been repaid. The above was preceded by the delivery of the car carrier in return for the purchase price under the sale agreement that had already been entered into back at the beginning of May 2017 (see the relevant press release of 11 May 2017).

The successfully completed financial restructuring of the Company, coupled with the sale of the rest of the fleet, which is still outstanding but at a very advanced stage and which is for the purposes of effecting a solvent liquidation of the relevant single-ship companies, will clear the way for the plans to build up a new fleet and for carrying out other maritime projects. A portion of the surplus proceeds from the sale of the car carrier was retained by Marenave in order to finance the on-going business operations.

Both the release from liability that has now become effective and the sale of the rest of the fleet are, amongst others, part of the conditions for a future participation and future financing of the Company by the Offen Group and DEVK insurance, with whom Marenave already entered into an investment agreement (see the relevant ad hoc notification of 20 February 2017) and with Marenave now teaming up with these entities to shape its future. The Company is now reviewing the next steps that need to be taken on this path, such as promptly convening a general meeting.

Marenave Schiffahrts AG

Marenave was the first stock-listed shipping company in Germany structured as a stock corporation (AG). It was developed to give both institutional and private investors the opportunity to make a long-term investment in shipping and to diversify their portfolio in the process.

Please visit www.marenave.com for information concerning Marenave. Marenave shares are traded on the regulated market of the Hamburg stock exchange.

WKN: A0H1GY

ISIN: DE000A0H1GY2

Symbol: M5S

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07.07.2017 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.

The issuer is solely responsible for the content of this announcement.

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Language:	English
Company:	Marenave Schiffahrts AG
	Caffamacherreihe 7
	20355 Hamburg
	Germany
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:	Regulated Market in Hamburg; Regulated Unofficial Market in Berlin, Munich; Open Market in Frankfurt

End of News	DGAP News Service