German asset and investment management company Ernst Russ seems to be on the path of seizing more control of compatriot Marenave Schiffahrts AG.
Namely, the asset manager, which holds a minority stake in Marenave, has sought removal of Klaus Meyer as a member of the company’s supervisory board with effect on September 15, 2017, when an annual general meeting is scheduled to take place.
Ernst Russ has further asked for the election of Jens Mahnke, a member of the management board and Spokesman of the executive board of Ernst Russ AG, to replace Meyer.
The asset manager also wants the company’s supervisory board to be enlarged to four members, and the additional spot to be given to Hans Michael Schmidt-Dencker, a Stuttgart-based attorney, and corporate consultant.
What is more, it has also proposed for the cancellation of the authorization to issue bonds with warrants and/or convertible bonds, the exclusion of the subscription right and the creation of conditional capital, approved at the annual meeting in 2015.
In addition, Ernst Russ announced that it intends to vote against the ordinary capital reduction proposed by the company.
The latest move from Ernst Russ is likely to disrupt Marenave’s restructuring process.
To remind, in April this year, German shipping trust Marenave agreed with its financing banks on the trust’s restructuring terms, which required the sale of the entire Marenave fleet.
On March 31, the company entered into an agreement on restructuring and release of liability, and a waiver and liquidation agreement with its financing banks.
The shipping trust started its negotiations with the financing banks in late 2016 in order to avoid insolvency after it received notice from two banks financing the Marenave-fleet denying support to Marenave’s restructuring plan.
World Maritime News Staff