DGAP-Ad hoc: Marenave Schiffahrts AG

DGAP-Adhoc: Marenave Schiffahrts AG: Two financing banks deny support as to restructuring concept negotiated so far; Management Board examines going concern forecast

Marenave Schiffahrts AG / Key word(s): Letter of Intent/Banking Syndicate

07.11.2016 23:26

Disclosure of an inside information according to Article 17 MAR, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.

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Marenave Schiffahrts AG ("Marenave" or "Company") was notified today by two banks financing the Marenave-fleet, that the restructuring concept, which has been negotiated so far and for which all financing banks of Marenave-Group had signed a letter of intent subject to approval by the banks' respective bodies on 6 June 2016, against the Company's expectations and despite positive estimates of the banks' negotiators will not be supported.

This restructuring concept, announced in an ad-hoc announcement on 6 June 2016, provided on the one hand for a sale of the entire Marenave-fleet for the best possible repayment of the ship financing loans which were granted by the banks to the single ship subsidiaries and guaranteed by the Company and on the other hand for a release of the Company - under certain prerequisites - from any liability. In the opinion of the Management Board the release from liability is an essential requirement for the entry of a potential investor.

Against this background, the Management Board of the Company is now carefully examining whether the positive going concern forecast for Marenave can continue to be upheld. The company will communicate the results of this review as soon as possible.

The Management Board

07.11.2016 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at 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 ---------------------------------------------------------------------------