DGAP-Ad hoc: Marenave Schiffahrts AG

DGAP-Adhoc: Marenave Schiffahrts AG: Agreement with bank consortium on the extension of the repayment rates

Marenave Schiffahrts AG / Key word(s): Financing

15.02.2016 21:27

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.

---------------------------------------------------------------------------



Ad-hoc announcement pursuant to Section 15 of the German Securities Trading Act (WpHG)

Agreement with bank consortium on the extension of the repayment rates

Marenave Schiffahrts AG ("Marenave" or "Company") has today reached an agreement with the bank consortium financing Marenave's eight product tanker and container shipping companies to extend the repayment structure agreed in the restructuring agreement dated 24 April 2013 and its amendments (the "Restructuring Agreement") until 30 June 2016.

The Restructuring Agreement provided for a variable repayment structure of the loans granted to the shipping companies by the bank consortium based - subject to certain minimum repayments and minimum liquidity limits - on the respective operative cash-flows of the eight shipping companies until the end of 2015. This structure effectively led to significantly reduced repayment obligations of the respective shipping companies (so-called minimum repayment structure). In return, the Restructuring Agreement provided for higher, fixed quarterly repayment rates as of 2016 in order to compensate the repayment arrears accrued until the end of 2015 over the remaining period of the respective loans.

With today's agreement the minimum repayment structure initially agreed in the Restructuring Agreement to run until the end of 2015 has been extended until 30 June 2016 for the time being. By then at the latest, a sustainable restructuring concept that includes the entire financing of the Marenave-group should be finalized on the basis of an IDW-S6-restructuring opinion. The repayment obligations of the shipping companies for the first half of 2016 are thus being reduced by approx. USD 10.3 in the aggregate.

The Management Board

15.02.2016 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de

--------------------------------------------------------------------------- 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 Announcement DGAP News-Service ---------------------------------------------------------------------------