MPC will raise USD 15 million to weather corona storm

German container line MPC Container Ships is in urgent need of fresh capital to withstand the market downturn that followed the coronavirus outbreak. Without a deal, the carrier risks a fire sale of ships and, in the end, bankruptcy.

Photo: PR-FOTO

German feeder shipping company MPC Container Ships has presented a large-scale restructuring plan meant to ensure fresh capital for tonnage providers and postpone the repayment of a bond loan.

According to a statement issued by MPC on Friday, it is urgent that a deal be struck, as the container market has come to an abrupt halt after the coronavirus outbreak, and the need for ships has diminished.

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